Prime Medicine (NASDAQ:PRME) Shares Gap Up on Better-Than-Expected Earnings

Prime Medicine, Inc. (NASDAQ:PRME)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $3.89, but opened at $4.05. Prime Medicine shares last traded at $4.2340, with a volume of 648,466 shares changing hands.

The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.01. The business had revenue of $4.21 million for the quarter. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%.

Analysts Set New Price Targets

A number of research analysts have commented on PRME shares. Jefferies Financial Group restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, September 28th. BMO Capital Markets assumed coverage on Prime Medicine in a report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 target price for the company. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research report on Friday, September 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. Finally, Wall Street Zen raised Prime Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.86.

Institutional Investors Weigh In On Prime Medicine

Large investors have recently bought and sold shares of the business. Arizona State Retirement System grew its position in Prime Medicine by 15.5% during the 2nd quarter. Arizona State Retirement System now owns 28,646 shares of the company’s stock worth $106,000 after acquiring an additional 3,855 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in Prime Medicine by 15.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 33,094 shares of the company’s stock valued at $102,000 after purchasing an additional 4,349 shares during the last quarter. Royal Bank of Canada raised its position in Prime Medicine by 89.3% in the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after purchasing an additional 4,365 shares during the last quarter. Swiss National Bank boosted its stake in Prime Medicine by 5.0% in the first quarter. Swiss National Bank now owns 178,600 shares of the company’s stock worth $622,000 after purchasing an additional 8,500 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Prime Medicine in the third quarter worth $28,000. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Stock Up 7.7%

The firm has a fifty day moving average price of $3.69 and a 200 day moving average price of $3.51. The company has a market cap of $759.62 million, a P/E ratio of -3.97 and a beta of 2.14.

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.