Prime Medicine (NASDAQ:PRME) Announces Quarterly Earnings Results

Prime Medicine (NASDAQ:PRME) released its quarterly earnings data on Thursday. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.01, FiscalAI reports. The company had revenue of $4.21 million during the quarter. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%.

Prime Medicine Stock Up 12.4%

NASDAQ:PRME traded up $0.48 during trading hours on Friday, reaching $4.37. 2,472,528 shares of the company’s stock were exchanged, compared to its average volume of 3,361,106. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $5.91. The firm has a market capitalization of $792.99 million, a price-to-earnings ratio of -4.10 and a beta of 2.14. The company has a 50-day moving average of $3.69 and a 200 day moving average of $3.51.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in the stock. Alphabet Inc. purchased a new stake in Prime Medicine during the 2nd quarter valued at approximately $61,116,000. BlackRock Inc. purchased a new position in shares of Prime Medicine in the 2nd quarter valued at approximately $35,432,000. ADAR1 Capital Management LLC acquired a new position in shares of Prime Medicine in the second quarter valued at approximately $7,371,000. Redmile Group LLC acquired a new position in shares of Prime Medicine in the first quarter valued at approximately $5,536,000. Finally, Bank of America Corp DE acquired a new position in shares of Prime Medicine in the second quarter valued at approximately $3,621,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Top Prime Medicine Stories

Here are a few of the latest stories about PRME:

• Neutral Sentiment: The revenue comparison is not uniformly positive: a separate Zacks report characterized revenue as below its estimate, suggesting results vary by the analyst benchmark used. Zacks Q3 Results Report
• Neutral Sentiment: The company completed a public offering of 41.1 million shares at $3.50 each, raising approximately $143.7 million before expenses. The full exercise of the underwriters’ additional-share option may indicate demand, while the cash provides funding for development of its gene-editing programs. Prime Medicine Offering Closing Announcement
• Negative Sentiment: The offering issued a large number of new shares, diluting existing shareholders; the $3.50 offering price may also weigh on sentiment. Prime Medicine Offering Closing Announcement

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Jefferies Financial Group reiterated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, September 28th. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research report on Friday, September 25th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $7.00 price target on shares of Prime Medicine in a research report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and an average price target of $7.86.

About Prime Medicine

Prime Medicine is a biotechnology company developing genetic therapies for diseases caused by genetic mutations. Its research focuses on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company is working to apply its platform to potential treatments for a range of serious conditions. Its programs are in development, and Prime Medicine does not currently market approved therapies. Founded in 2019, Prime Medicine is based in Cambridge, Massachusetts.