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

Prime Medicine, Inc. (NASDAQ:PRME)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $3.05, but opened at $3.29. Prime Medicine shares last traded at $3.4050, with a volume of 1,176,282 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PRME shares. BMO Capital Markets started coverage on shares of Prime Medicine in a research report on Tuesday. They set an “outperform” rating and a $9.00 price target for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a report on Monday, August 10th. Finally, New Street Research set a $8.00 price target on shares of Prime Medicine in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $7.69.

Prime Medicine Price Performance

The business has a 50-day moving average of $3.27 and a 200 day moving average of $3.43. The company has a market cap of $613.96 million, a PE ratio of -3.19 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The firm had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. On average, equities analysts predict that Prime Medicine, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kingsview Wealth Management LLC purchased a new position in Prime Medicine during the second quarter valued at $37,000. Corient Private Wealth LP purchased a new position in shares of Prime Medicine during the 2nd quarter valued at about $143,000. Bank of America Corp DE purchased a new position in shares of Prime Medicine during the 2nd quarter valued at about $3,621,000. Jupiter Topco LLC bought a new position in shares of Prime Medicine during the 2nd quarter valued at approximately $224,000. Finally, ADAR1 Capital Management LLC purchased a new stake in Prime Medicine in the 2nd quarter worth approximately $7,371,000. 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.