Prime Medicine (NASDAQ:PRME) Trading Up 5.5% – Still a Buy?

Prime Medicine, Inc. (NASDAQ:PRME) shares were up 5.5% during trading on Friday . The stock traded as high as $3.31 and last traded at $3.3560. 240,113 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 2,702,656 shares. The stock had previously closed at $3.18.

Analyst Ratings Changes

Several equities analysts recently issued reports on PRME shares. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research report on Monday. Finally, Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.38.

Prime Medicine Stock Up 3.3%

The firm’s 50-day simple moving average is $3.26 and its 200 day simple moving average is $3.58. The stock has a market capitalization of $593.34 million, a P/E ratio of -2.67 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last released its earnings results on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The business had revenue of $0.86 million during 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, equities analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its holdings in shares of Prime Medicine by 1,316.4% during 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Prime Medicine during the 4th quarter worth about $31,000. Royal Bank of Canada raised its holdings in Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after buying an additional 4,365 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Prime Medicine during the fourth quarter valued at about $33,000. Finally, Glen Eagle Advisors LLC acquired a new position in shares of Prime Medicine in the fourth quarter worth about $35,000. 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.