Prime Medicine (NASDAQ:PRME) Announces Earnings Results, Meets Estimates

Key Points

• Prime Medicine reported a quarterly loss of $0.24 per share, matching analysts’ consensus estimate. The company continues to post deeply negative profitability metrics, including a negative net margin of 4,917.55%.
• Shares fell to $2.95 during Thursday trading, near the company’s 52-week low of $2.67. Prime Medicine has a market capitalization of approximately $533 million, while institutional investors and hedge funds own 70.37% of its stock.
• Analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $7.53, despite ratings ranging from “Strong Buy” to “Strong Sell.”

Prime Medicine (NASDAQ:PRME - Get Free Report) posted its earnings results on Thursday. The company reported ($0.24) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.24), Zacks reports. Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.

Prime Medicine Price Performance

NASDAQ:PRME traded down $0.13 during trading hours on Thursday, hitting $2.95. 2,549,269 shares of the company were exchanged, compared to its average volume of 3,221,736. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.94. The stock has a market capitalization of $532.83 million, a price-to-earnings ratio of -2.40 and a beta of 2.31. The company's 50 day moving average price is $3.28 and its 200-day moving average price is $3.49.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning purchased a new position in Prime Medicine in the 2nd quarter worth $25,000. Caitong International Asset Management Co. Ltd purchased a new stake in Prime Medicine during the 4th quarter valued at about $33,000. Lazard Asset Management LLC acquired a new position in shares of Prime Medicine in the fourth quarter valued at about $38,000. Russell Investments Group Ltd. increased its holdings in shares of Prime Medicine by 1,316.4% in the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company's stock valued at $38,000 after purchasing an additional 6,345 shares during the period. Finally, Martingale Asset Management L P purchased a new position in shares of Prime Medicine in the fourth quarter worth about $51,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRME has been the subject of a number of analyst reports. New Street Research set a $8.00 price objective on Prime Medicine in a research note on Monday, June 29th. Citigroup reissued a "market outperform" rating on shares of Prime Medicine in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Prime Medicine from a "sell" rating to a "strong sell" rating in a research report on Wednesday, May 13th. HC Wainwright upgraded shares of Prime Medicine from a "neutral" rating to a "buy" rating and set a $8.00 price objective for the company in a research note on Monday, June 29th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $7.53.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.

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