Prime Medicine (NYSE:PRME) Stock Price Down 5.7% – Here’s Why

Prime Medicine, Inc. (NYSE:PRME) shares fell 5.7% on Thursday . The company traded as low as $4.11 and last traded at $4.0650. 285,311 shares were traded during mid-day trading, a decline of 91% from the average session volume of 3,153,256 shares. The stock had previously closed at $4.31.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRME. Lifesci Capital initiated coverage on Prime Medicine in a research report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price target on the stock. Wedbush reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, November 10th. Chardan Capital cut their target price on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Finally, Citigroup decreased their price target on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.21.

Prime Medicine Stock Down 0.3%

The stock has a market capitalization of $718.43 million, a PE ratio of -1.94 and a beta of 2.71. The stock’s 50-day moving average is $3.76 and its 200 day moving average is $4.20.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the company. Squarepoint Ops LLC raised its position in shares of Prime Medicine by 10.5% during the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock valued at $219,000 after buying an additional 3,775 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Prime Medicine by 16.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock valued at $170,000 after acquiring an additional 4,280 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Prime Medicine by 1,316.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares during the period. AXQ Capital LP grew its holdings in shares of Prime Medicine by 19.2% during the 3rd quarter. AXQ Capital LP now owns 44,818 shares of the company’s stock worth $248,000 after purchasing an additional 7,231 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its position in shares of Prime Medicine by 52.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock valued at $57,000 after purchasing an additional 7,954 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.