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

Prime Medicine, Inc. (NASDAQ:PRME)’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) 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.