Prime Medicine (NASDAQ:PRME) Shares Gap Up – Time to Buy?

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price gapped up before the market opened on Friday. The stock had previously closed at $3.07, but opened at $3.42. Prime Medicine shares last traded at $2.9750, with a volume of 1,392,085 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PRME shares. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research report on Monday, June 22nd. New Street Research set a $8.00 price objective on Prime Medicine in a research note on Monday, June 29th. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Prime Medicine in a research note on Monday, August 10th. Finally, BMO Capital Markets started coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Prime Medicine presently has an average rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Trading Down 3.1%

The firm’s 50-day simple moving average is $3.25 and its 200 day simple moving average is $3.37. The stock has a market cap of $539.61 million, a P/E ratio of -2.83 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.24). The company had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. On average, analysts anticipate that Prime Medicine, Inc. will post -0.96 EPS for the current year.

Institutional Trading of Prime Medicine

Several hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System boosted 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 period. Syon Capital LLC bought a new position in shares of Prime Medicine in the second quarter worth $41,000. Concurrent Investment Advisors LLC increased its holdings in shares of Prime Medicine by 77.6% during the second quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock valued at $486,000 after purchasing an additional 57,545 shares during the period. Wellington Management Group LLP acquired a new position in shares of Prime Medicine during the second quarter valued at $1,123,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of Prime Medicine during the second quarter valued at about $37,000. Institutional investors own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.