Shares of Prime Medicine, Inc. (NASDAQ:PRME – Get Free Report) were up 5.5% during mid-day trading on Friday . The company traded as high as $3.31 and last traded at $3.3560. 240,113 shares changed hands during trading, a decline of 91% from the average session volume of 2,702,656 shares. The stock had previously closed at $3.18.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on PRME shares. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday. Oppenheimer initiated coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price target for the company. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research report on Monday. Finally, Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and a consensus price target of $7.38.
Check Out Our Latest Stock Report on Prime Medicine
Prime Medicine Price Performance
Prime Medicine (NASDAQ:PRME – Get Free Report) last posted its 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 company 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%. Equities analysts anticipate that Prime Medicine, Inc. will post -0.98 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Farallon Capital Management LLC raised its holdings in Prime Medicine by 533.3% in the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after acquiring an additional 4,000,000 shares during the period. State Street Corp grew its position in shares of Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after purchasing an additional 3,798,884 shares during the last quarter. ARK Investment Management LLC grew its position in shares of Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after purchasing an additional 3,155,182 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Prime Medicine by 6,426.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after purchasing an additional 3,076,489 shares during the period. Finally, Woodline Partners LP acquired a new position in shares of Prime Medicine during the 3rd quarter worth about $16,634,000. 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.
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