Prime Medicine (NYSE:PRME) Stock Price Down 2.5%

Prime Medicine, Inc. (NYSE:PRME)’s share price dropped 2.5% during trading on Monday . The company traded as low as $5.40 and last traded at $5.45. Approximately 100,000 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 696,725 shares. The stock had previously closed at $5.59.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Tuesday, April 23rd. Chardan Capital started coverage on Prime Medicine in a research report on Monday, April 22nd. They set a “buy” rating and a $17.00 target price on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 price target (down from $23.00) on shares of Prime Medicine in a research note on Tuesday. Guggenheim cut 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. Finally, Stifel Nicolaus lowered shares of Prime Medicine from a “buy” rating to a “hold” rating and lowered their price objective for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.70.

Prime Medicine Stock Performance

The stock’s 50-day simple moving average is $6.34 and its 200-day simple moving average is $7.19. The firm has a market capitalization of $643.36 million, a PE ratio of -2.47 and a beta of 2.07.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, analysts predict that Prime Medicine, Inc. will post -1.8 earnings per share for the current fiscal year.

Insider Activity at Prime Medicine

In other news, Director Robert Nelsen bought 3,200,000 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the completion of the acquisition, the director now owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 24.29% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently added to or reduced their stakes in the company. Chelsea Counsel Co. raised its position in Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after purchasing an additional 4,400 shares in the last quarter. SG Americas Securities LLC bought a new stake in Prime Medicine during the 4th quarter valued at $90,000. China Universal Asset Management Co. Ltd. bought a new stake in Prime Medicine during the 4th quarter valued at $100,000. ProShare Advisors LLC raised its position in Prime Medicine by 19.8% during the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Prime Medicine during the 1st quarter valued at $148,000. Hedge funds and other institutional investors 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.