Prime Medicine (NASDAQ:PRME) Shares Gap Up – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $3.99, but opened at $4.31. Prime Medicine shares last traded at $4.63, with a volume of 2,425,863 shares.

Wall Street Analysts Forecast Growth

PRME has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. Finally, Oppenheimer started coverage on Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $7.53.

Prime Medicine Stock Performance

The stock has a market cap of $800.69 million, a PE ratio of -3.64 and a beta of 2.26. The company has a 50 day moving average of $3.26 and a two-hundred day moving average of $3.57.

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

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. grew its position 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Prime Medicine during the fourth quarter valued at about $31,000. Royal Bank of Canada lifted its stake in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after purchasing an additional 4,365 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Prime Medicine during the 4th quarter valued at about $33,000. Finally, Glen Eagle Advisors LLC acquired a new position in shares of Prime Medicine in the fourth quarter valued at approximately $35,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.