Prime Medicine (NASDAQ:PRME) Shares Gap Up – Here’s What Happened

Shares of Prime Medicine, Inc. (NASDAQ:PRME) gapped up prior to trading on Monday . The stock had previously closed at $3.43, but opened at $3.73. Prime Medicine shares last traded at $3.7660, with a volume of 846,136 shares traded.

Analyst Ratings Changes

Several research firms recently weighed in on PRME. New Street Research set a $8.00 target price on shares of Prime Medicine in a research note on Monday. Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Oppenheimer assumed coverage on shares of Prime Medicine in a report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Finally, HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a report on Monday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.53.

Prime Medicine Trading Up 5.7%

The business has a 50-day moving average price of $3.25 and a 200 day moving average price of $3.58. The stock has a market capitalization of $654.75 million, a P/E ratio of -2.95 and a beta of 2.31.

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

Institutional Trading of Prime Medicine

Hedge funds have recently made changes to their positions in the business. Shelton Wealth Management LLC lifted its holdings in shares of Prime Medicine by 15.8% in the 4th quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock valued at $70,000 after acquiring an additional 2,734 shares during the last quarter. Sterling Investment Advisors Ltd. raised its position in Prime Medicine by 34.0% during the fourth quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock valued at $46,000 after purchasing an additional 3,400 shares during the period. Squarepoint Ops LLC raised its position in Prime Medicine by 10.5% during the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock valued at $219,000 after purchasing an additional 3,775 shares during the period. Royal Bank of Canada lifted its stake in shares of 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. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Prime Medicine by 16.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 31,602 shares of the company’s stock worth $110,000 after purchasing an additional 4,470 shares during the period. 70.37% of the stock is currently owned by hedge funds and other 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.