Reasons why Prime Medicine Inc’s (NASDAQ:PRME) fundamentals are futile

In yesterday’s Wall Street session, Prime Medicine Inc (NASDAQ:PRME) shares traded at $3.45, down -10.85% from the previous session.

PRME stock price is now -20.54% away from the 50-day moving average and -44.81% away from the 200-day moving average. The market capitalization of the company currently stands at $414.10M.

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With the price target of $10, H.C. Wainwright recently initiated with Buy rating for Prime Medicine Inc (NASDAQ: PRME). On May 16, 2024, Citigroup Upgraded its previous ‘Neutral’ rating to ‘Buy’ on the stock keeping its target price maintained at $10, while ‘Chardan Capital Markets’ rates the stock as ‘Buy’

In other news, NELSEN ROBERT, Director bought 3,200,000 shares of the company’s stock on Feb 15 ’24. The stock was bought for $20,000,000 at an average price of $6.25. Upon completion of the transaction, the Director now directly owns 3,200,000 shares in the company, valued at $11.04 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 15 ’24, 10% Owner ARCH Venture Partners XII, LLC bought 3,200,000 shares of the business’s stock. A total of $20,000,000 was incurred on buying the stock at an average price of $6.25. This leaves the insider owning 3,200,000 shares of the company worth $11.04 million. A total of 57.86% of the company’s stock is owned by insiders.

During the past 12 months, Prime Medicine Inc has had a low of $3.39 and a high of $9.86. As of last week, the company has a debt-to-equity ratio of 0.21, a current ratio of 8.23, and a quick ratio of 8.23. The fifty day moving average price for PRME is $4.3025 and a two-hundred day moving average price translates $6.2239 for the stock.

The latest earnings results from Prime Medicine Inc (NASDAQ: PRME) was released for 2024-06-30. The net profit margin was -36791.71% and return on equity was -99.58% for PRME.

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