Prime Medicine (NASDAQ:PRME) Shares Gap Up – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $3.99, but opened at $4.31. Prime Medicine shares last traded at $4.63, with a volume of 2,425,863 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRME. Oppenheimer started coverage on Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. Finally, Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Stock Performance

The business has a 50-day simple moving average of $3.29 and a two-hundred day simple moving average of $3.58. The stock has a market cap of $764.02 million, a price-to-earnings ratio of -3.44 and a beta of 2.26.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (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 net margin of 4,917.55% and a negative return on equity of 188.82%. On average, analysts expect that Prime Medicine, Inc. will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRME. Russell Investments Group Ltd. boosted its stake in shares of Prime Medicine by 1,316.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after buying an additional 6,345 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Prime Medicine during the fourth quarter worth about $31,000. Royal Bank of Canada raised its holdings in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after acquiring an additional 4,365 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine during the fourth quarter valued at approximately $33,000. Finally, Glen Eagle Advisors LLC acquired a new position in Prime Medicine during the fourth quarter valued at approximately $35,000. 70.37% of the stock is owned by institutional investors.

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.