Prime Medicine (NASDAQ:PRME) Trading 10.7% Higher – Should You Buy?

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price traded up 10.7% during mid-day trading on Wednesday . The company traded as high as $3.12 and last traded at $3.1770. 550,536 shares were traded during mid-day trading, a decline of 79% from the average session volume of 2,662,269 shares. The stock had previously closed at $2.87.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. Wall Street Zen lowered Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. Finally, Oppenheimer assumed coverage on Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $7.65.

Prime Medicine Price Performance

The stock has a 50 day simple moving average of $3.30 and a two-hundred day simple moving average of $3.61. The company has a market cap of $584.31 million, a price-to-earnings ratio of -2.63 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last posted 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). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The business had revenue of $0.86 million during the quarter. As a group, research analysts forecast that Prime Medicine, Inc. will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Chelsea Counsel Co. raised its position in Prime Medicine by 103.7% in the first quarter. Chelsea Counsel Co. now owns 462,340 shares of the company’s stock valued at $1,609,000 after purchasing an additional 235,340 shares during the period. ADAR1 Capital Management LLC purchased a new stake in Prime Medicine in the first quarter valued at $6,867,000. Royal Bank of Canada raised its position in Prime Medicine by 89.3% in the first 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 period. Redmile Group LLC purchased a new stake in Prime Medicine in the first quarter valued at $5,536,000. Finally, Sei Investments Co. purchased a new stake in Prime Medicine in the first quarter valued at $102,000. 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.