Prime Medicine (NASDAQ:PRME) Shares Up 9.1% – Here’s What Happened

Shares of Prime Medicine, Inc. (NASDAQ:PRME) shot up 9.1% during trading on Thursday . The stock traded as high as $3.38 and last traded at $3.4250. 365,007 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,652,953 shares. The stock had previously closed at $3.14.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PRME. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Finally, Oppenheimer began coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.65.

Prime Medicine Stock Performance

The firm has a market capitalization of $634.88 million, a PE ratio of -2.84 and a beta of 2.31. The company’s 50-day moving average price is $3.39 and its 200-day moving average price is $3.65.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The firm had revenue of $0.86 million for the quarter. Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%. As a group, analysts anticipate that Prime Medicine, Inc. will post -0.98 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently modified their holdings of PRME. Farallon Capital Management LLC lifted its position in shares of Prime Medicine by 533.3% during the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after purchasing an additional 4,000,000 shares during the last quarter. State Street Corp lifted its position in shares of Prime Medicine by 293.0% during the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after purchasing an additional 3,798,884 shares during the last quarter. ARK Investment Management LLC lifted its position in shares of Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares during the last quarter. Balyasny Asset Management L.P. raised its stake in Prime Medicine by 6,426.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after acquiring an additional 3,076,489 shares in the last quarter. Finally, Woodline Partners LP acquired a new stake in Prime Medicine during the 3rd quarter worth $16,634,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.