Prime Medicine (NASDAQ:PRME) Stock Price Up 9.7% – Here’s Why

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price rose 9.7% during mid-day trading on Thursday . The company traded as high as $4.14 and last traded at $4.2680. Approximately 603,178 shares changed hands during trading, a decline of 78% from the average session volume of 2,771,925 shares. The stock had previously closed at $3.89.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PRME. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. Oppenheimer began coverage on Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price on the stock. New Street Research set a $8.00 target price on Prime Medicine in a report on Monday. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research note on Monday, June 22nd. Finally, HC Wainwright upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price target on the stock in a report on Monday. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.53.

Prime Medicine Stock Up 1.2%

The company has a market cap of $710.74 million, a PE ratio of -3.22 and a beta of 2.26. The firm’s 50-day moving average is $3.25 and its 200-day moving average is $3.57.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The company 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 research analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. 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 lifted its position in Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after buying an additional 4,000,000 shares during the period. Casdin Capital LLC boosted its holdings in shares of Prime Medicine by 102.1% during the 3rd quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock valued at $17,546,000 after buying an additional 1,600,000 shares in the last quarter. DNB Asset Management AS bought a new stake in shares of Prime Medicine during the 3rd quarter valued at $1,009,000. Finally, Amova Asset Management Americas Inc. boosted its holdings in shares of Prime Medicine by 128.4% during the 3rd quarter. Amova Asset Management Americas Inc. now owns 3,629,924 shares of the company’s stock valued at $20,037,000 after buying an additional 2,040,807 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.