In the last trading session, 1.04 million Prime Medicine Inc (NASDAQ:PRME) shares changed hands as the company’s beta touched 0.74. With the company’s per share price at $6.60 changed hands at $0.45 or 7.32% during last session, the market valuation stood at $642.31M. PRME’s last price was a discount, traded about -225.45% off its 52-week high of $21.48. The share price had its 52-week low at $5.54, which suggests the last value was 16.06% up since then. When we look at Prime Medicine Inc’s average trading volume, we note the 10-day average is 0.68 million shares, with the 3-month average coming to 478.63K.
Analysts gave the Prime Medicine Inc (PRME) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.29. If we narrow down to specifics, the data shows that 0 out of 7 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 1 recommended PRME as a Hold, 6 felt it is a Buy and 0 rated the stock as Underweight. Prime Medicine Inc’s EPS for the current quarter is expected to be -$0.44.
Prime Medicine Inc (NASDAQ:PRME) trade information
Instantly PRME was in green as seen at the end of in last trading. With action -3.01%, the performance over the past five days has been red. The jump to weekly highs of 7.44 on Friday, 11/17/23 added 7.32% to the stock’s daily price. The company’s shares are showing year-to-date downside of -64.48%, with the 5-day performance at -3.01% in the red. However, in the 30-day time frame, Prime Medicine Inc (NASDAQ:PRME) is -10.57% down. Looking at the short shares, we see there were 7.61 million shares sold at short interest cover period of 14.63 days.
The consensus price target for the stock as assigned by Wall Street analysts is $21.14, meaning bulls need an upside of 68.78% from its current market value. According to analyst projections, PRME’s forecast low is $18.00 with $26.00 as the target high. To hit the forecast high, the stock’s price needs a -293.94% plunge from its current level, while the stock would need to soar -172.73% for it to hit the projected low.
Prime Medicine Inc (PRME) estimates and forecasts
Data shows that the Prime Medicine Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -52.48% over the past 6 months, a 53.22% in annual growth rate that is considerably higher than the industry average of 14.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Prime Medicine Inc will rise 21.40%, while the growth in revenue is estimated to hit -13.60% for the next quarter.
The 2023 estimates are for Prime Medicine Inc earnings to increase by 55.22%.
Prime Medicine Inc is expected to release its next quarterly earnings report in December.
Prime Medicine Inc (NASDAQ:PRME)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 31.90% of Prime Medicine Inc shares while 53.67% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 78.80%. There are 53.67% institutions holding the Prime Medicine Inc stock share, with Alphabet Inc. the top institutional holder. As of Jun 29, 2023, the company held 12.19% of the shares, roughly 11.86 million PRME shares worth $173.79 million.
FMR, LLC holds the second largest percentage of outstanding shares, with 4.15% or 4.04 million shares worth $59.17 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Sep 29, 2023 were ARK ETF Tr-ARK Genomic Revolution ETF and Vanguard Total Stock Market Index Fund. With 2.3 million shares estimated at $21.91 million under it, the former controlled 2.36% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 1.40% of the shares, roughly 1.36 million shares worth around $19.98 million.