Prime Medicine (NYSE:PRME) Stock Price Down 5.7%

Shares of Prime Medicine, Inc. (NYSE:PRME) dropped 5.7% on Thursday . The company traded as low as $4.65 and last traded at $4.65. Approximately 374,820 shares were traded during trading, a decline of 43% from the average daily volume of 662,684 shares. The stock had previously closed at $4.93.

Wall Street Analyst Weigh In

PRME has been the subject of a number of recent analyst reports. Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and decreased their price target for the stock from $18.00 to $9.00 in a research report on Tuesday, January 16th. Guggenheim decreased their price objective on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. TD Cowen assumed coverage on shares of Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating for the company. Finally, Wedbush assumed coverage on shares of Prime Medicine in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $12.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.88.

Prime Medicine Stock Down 6.9 %

The company has a market capitalization of $550.52 million, a P/E ratio of -2.12 and a beta of 1.80. The business has a 50 day simple moving average of $7.24 and a 200-day simple moving average of $7.50.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Equities analysts forecast that Prime Medicine, Inc. will post -1.8 EPS for the current fiscal year.

Insider Activity at Prime Medicine

In other Prime Medicine news, Director Robert Nelsen purchased 3,200,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was bought at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the acquisition, the director now owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 24.29% of the company’s stock.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its holdings in Prime Medicine by 243.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 103,213 shares of the company’s stock worth $1,512,000 after buying an additional 73,145 shares during the period. Barclays PLC raised its holdings in Prime Medicine by 47.7% during the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after buying an additional 2,543 shares during the period. Rhumbline Advisers acquired a new stake in Prime Medicine during the 2nd quarter worth about $689,000. Citigroup Inc. raised its holdings in Prime Medicine by 59.8% during the 2nd quarter. Citigroup Inc. now owns 14,161 shares of the company’s stock worth $207,000 after buying an additional 5,302 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Prime Medicine by 92.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 141,144 shares of the company’s stock worth $2,068,000 after buying an additional 67,717 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.