Prime Medicine (NASDAQ:PRME) Shares Up 7.3% – Still a Buy?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) traded up 7.3% on Monday . The company traded as high as $3.28 and last traded at $3.3050. Approximately 822,799 shares were traded during trading, a decline of 72% from the average daily volume of 2,925,446 shares. The stock had previously closed at $3.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Wall Street Zen upgraded shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Saturday. HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Prime Medicine in a report on Monday. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Finally, The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.53.

Prime Medicine Trading Up 2.8%

The stock has a market cap of $571.65 million, a P/E ratio of -2.99 and a beta of 2.31. The firm has a 50-day simple moving average of $3.28 and a two-hundred day simple moving average of $3.48.

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 business had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 156.84%. Sell-side analysts predict that Prime Medicine, Inc. will post -0.99 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

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

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.