Prime Medicine (NASDAQ:PRME) Trading Up 7.3% - Still a Buy?

Key Points

• Prime Medicine shares rose 7.3% to about $3.31, although trading volume was 72% below the daily average.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $7.53—more than double the current price—despite one sell rating.
• The company matched quarterly EPS expectations at a loss of $0.24 per share but reported revenue of just $1.15 million versus the $4.40 million consensus estimate; institutional investors own 70.37% of the stock.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s stock price was up 7.3% during trading on Monday . The company traded as high as $3.28 and last traded at $3.3050. Approximately 822,799 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 2,925,446 shares. The stock had previously closed at $3.08.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Prime Medicine in a report on Wednesday, June 3rd. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday. TD Cowen reiterated a "buy" rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Wall Street Zen raised Prime Medicine from a "strong sell" rating to a "sell" rating in a research note on Saturday. Finally, New Street Research set a $8.00 target price on Prime Medicine in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $7.53.

Prime Medicine Price Performance

The firm has a market capitalization of $571.65 million, a P/E ratio of -2.99 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 $3.48.

Prime Medicine (NASDAQ:PRME - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.24). The firm had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative return on equity of 156.84% and a negative net margin of 4,613.11%. On average, research analysts anticipate that Prime Medicine, Inc. will post -0.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently modified their holdings of the stock. Alphabet Inc. acquired a new position in Prime Medicine in the second quarter valued at about $61,116,000. BlackRock Inc. acquired a new stake in Prime Medicine in the 2nd quarter valued at $35,432,000. State Street Corp raised its holdings in Prime Medicine by 293.0% during the fourth quarter. State Street Corp now owns 5,095,510 shares of the company's stock worth $17,681,000 after acquiring an additional 3,798,884 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Prime Medicine by 6,426.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company's stock valued at $10,842,000 after buying an additional 3,076,489 shares in the last quarter. Finally, Woodline Partners LP acquired a new position in shares of Prime Medicine during the 3rd quarter worth about $16,634,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source