Prime Medicine, Inc. (NASDAQ:PRME – Get Free Report) was up 9.7% during mid-day trading on Thursday . The company traded as high as $4.14 and last traded at $4.2680. Approximately 603,178 shares changed hands during trading, a decline of 78% from the average daily volume of 2,771,925 shares. The stock had previously closed at $3.89.
Wall Street Analyst Weigh In
PRME has been the topic of a number of recent research reports. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a report on Monday, June 22nd. Oppenheimer began coverage on shares of Prime Medicine in a report on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price for the company. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Finally, New Street Research set a $8.00 price objective on Prime Medicine in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $7.53.
Check Out Our Latest Stock Analysis on Prime Medicine
Prime Medicine Trading Up 1.2%
Prime Medicine (NASDAQ:PRME – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The business had revenue of $0.86 million during the quarter. As a group, equities research analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Farallon Capital Management LLC boosted its position in shares of Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after buying an additional 4,000,000 shares during the last quarter. State Street Corp raised its position in Prime Medicine by 293.0% in the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after buying an additional 3,798,884 shares during the last quarter. ARK Investment Management LLC raised its position in Prime Medicine by 135.8% in the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after buying an additional 3,155,182 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in Prime Medicine by 6,426.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock valued at $10,842,000 after acquiring an additional 3,076,489 shares during the period. Finally, Woodline Partners LP bought a new position in Prime Medicine during the 3rd quarter valued at about $16,634,000. 70.37% of the stock is owned by institutional investors.
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.
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