Prime Medicine (NASDAQ:PRME) Announces Earnings Results

Prime Medicine (NASDAQ:PRME) announced its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate 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 Stock Down 4.2%

NASDAQ:PRME traded down $0.13 on Thursday, reaching $2.95. 2,549,269 shares of the company’s stock 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 business has a fifty day moving average of $3.28 and a 200-day moving average of $3.49. The firm has a market capitalization of $532.83 million, a price-to-earnings ratio of -2.40 and a beta of 2.31.

Analyst Ratings Changes

Several analysts recently commented on the stock. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research report on Monday, June 22nd. New Street Research set a $8.00 price objective on Prime Medicine in a report on Monday, June 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.53.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds have recently bought and sold shares of the stock. Creative Planning acquired a new stake in Prime Medicine in the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine in the fourth quarter valued at $33,000. Lazard Asset Management LLC purchased a new position in Prime Medicine during the 4th quarter worth approximately $38,000. Russell Investments Group Ltd. grew its position in shares of Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares during the last quarter. Finally, Martingale Asset Management L P acquired a new stake in Prime Medicine during the 4th quarter worth $51,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.