Prime Medicine (NASDAQ:PRME) Shares Gap Up – Still a Buy?

Prime Medicine, Inc. (NASDAQ:PRME) shares 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 Ratings Changes

PRME has been the subject of several research analyst reports. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research report on Monday, June 22nd. HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price target for the company in a report on Monday, June 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Finally, Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $7.53.

Prime Medicine Stock Performance

The firm has a fifty day simple moving average of $3.26 and a 200 day simple moving average of $3.57. The company has a market cap of $800.69 million, a PE ratio of -3.64 and a beta of 2.26.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The company had revenue of $0.86 million for the quarter. As a group, equities analysts predict that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

Several large investors have recently added to or reduced their stakes in PRME. AQR Capital Management LLC grew its stake in shares of Prime Medicine by 1,419.4% in the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock valued at $485,000 after buying an additional 227,749 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Prime Medicine in the first quarter valued at $101,000. Rhumbline Advisers lifted its position in shares of Prime Medicine by 13.8% during the first quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock worth $163,000 after purchasing an additional 9,944 shares during the last quarter. Creative Planning bought a new position in Prime Medicine during the 2nd quarter worth approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Prime Medicine by 253.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock worth $296,000 after purchasing an additional 85,938 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.