Prime Medicine, Inc. (NASDAQ:PRME – Get Free Report)’s share price was down 5.1% during trading on Monday . The company traded as low as $3.69 and last traded at $3.6720. 541,897 shares were traded during trading, a decline of 81% from the average daily volume of 2,794,479 shares. The stock had previously closed at $3.87.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the company. Wall Street Zen lowered Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Weiss Ratings restated 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. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a report on Monday, June 22nd. Finally, HC Wainwright raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price for the company in a report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.53.
Check Out Our Latest Report on PRME
Prime Medicine Stock Performance
Prime Medicine (NASDAQ:PRME – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The business had revenue of $0.86 million for the quarter. Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%. As a group, equities research analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current year.
Hedge Funds Weigh In On Prime Medicine
Hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning acquired a new position in Prime Medicine during the second quarter worth about $25,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Prime Medicine in the 4th quarter valued at about $31,000. Royal Bank of Canada increased 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 worth $32,000 after acquiring an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Prime Medicine in the 4th quarter worth $33,000. Finally, Glen Eagle Advisors LLC acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.
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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