Prime Medicine (NYSE:PRME) Shares Down 7%

Prime Medicine, Inc. (NYSE:PRME) shares fell 7% during trading on Wednesday . The company traded as low as $5.44 and last traded at $5.48. 267,442 shares traded hands during trading, a decline of 65% from the average session volume of 766,968 shares. The stock had previously closed at $5.89.

Analyst Ratings Changes

A number of brokerages have recently commented on PRME. Guggenheim lowered their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 target price (down from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. TD Cowen started coverage on Prime Medicine in a report on Monday, April 8th. They set a “buy” rating on the stock. Wedbush reaffirmed an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Tuesday, April 23rd. Finally, HC Wainwright started coverage on Prime Medicine in a report on Monday, May 20th. They set a “buy” rating and a $10.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $15.09.

Prime Medicine Trading Down 10.0 %

The company has a 50 day moving average of $6.17 and a 200 day moving average of $7.10. The firm has a market cap of $636.16 million, a price-to-earnings ratio of -2.55 and a beta of 2.35.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, May 10th. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.01. The company had revenue of $0.59 million during the quarter. As a group, sell-side analysts anticipate that Prime Medicine, Inc. will post -1.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Citigroup Inc. lifted its stake in shares of Prime Medicine by 296.8% during the third quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock valued at $536,000 after acquiring an additional 42,032 shares during the period. Profund Advisors LLC bought a new stake in Prime Medicine in the third quarter valued at about $210,000. Vanguard Group Inc. increased its holdings in Prime Medicine by 18.5% in the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after purchasing an additional 617,310 shares during the last quarter. TrueMark Investments LLC bought a new stake in Prime Medicine in the fourth quarter valued at about $665,000. Finally, SG Americas Securities LLC bought a new stake in Prime Medicine in the fourth quarter valued at about $90,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.