Prime Medicine (NASDAQ:PRME) Announces Quarterly Earnings Results

Prime Medicine (NASDAQ:PRME) announced its quarterly earnings data on Thursday. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04), FiscalAI reports. The company had revenue of $0.86 million during the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 173.23%.

Prime Medicine Price Performance

PRME stock traded up $0.09 during trading on Friday, reaching $3.21. The company had a trading volume of 2,444,059 shares, compared to its average volume of 1,925,058. Prime Medicine has a 52 week low of $1.11 and a 52 week high of $6.94. The company has a market cap of $579.79 million, a P/E ratio of -2.61 and a beta of 2.35. The business has a 50 day moving average of $3.71 and a 200 day moving average of $3.85.

Analysts Set New Price Targets

Several equities analysts have recently commented on PRME shares. Oppenheimer started coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. Wall Street Zen raised shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Finally, Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.38.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently added to or reduced their stakes in the company. Alphabet Inc. raised its holdings in Prime Medicine by 10.0% in the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after purchasing an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC raised its holdings in Prime Medicine by 135.8% in the third 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 in the last quarter. Farallon Capital Management LLC raised its holdings in Prime Medicine by 533.3% in the third 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Prime Medicine by 127.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock worth $20,110,000 after purchasing an additional 2,035,406 shares in the last quarter. Finally, Casdin Capital LLC increased its stake in shares of Prime Medicine by 102.1% during the third quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock valued at $17,546,000 after purchasing an additional 1,600,000 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

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.