Prime Medicine (NASDAQ:PRME) Shares Down 7.6% – Here’s Why

Prime Medicine, Inc. (NASDAQ:PRME) shares fell 7.6% during mid-day trading on Thursday. The stock traded as low as $3.62 and last traded at $3.6050. 2,847,292 shares changed hands during trading, a decline of 6% from the average session volume of 3,038,023 shares. The stock had previously closed at $3.90.

Analysts Set New Price Targets

PRME has been the subject of several recent analyst reports. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a research report on Monday, August 10th. BMO Capital Markets started coverage on shares of Prime Medicine in a research note on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective on the stock. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $7.00 target price on shares of Prime Medicine in a report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Price Performance

The stock has a market capitalization of $723.69 million, a P/E ratio of -3.76 and a beta of 2.37. The stock’s 50-day simple moving average is $3.30 and its 200 day simple moving average is $3.34.

Prime Medicine (NASDAQ:PRME) last announced its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting the consensus estimate of ($0.24). The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. As a group, analysts expect that Prime Medicine, Inc. will post -0.97 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

Hedge funds have recently added to or reduced their stakes in the company. Alphabet Inc. acquired a new stake in shares of Prime Medicine during the second quarter worth $61,116,000. BlackRock Inc. bought a new position in Prime Medicine during the second quarter worth about $35,432,000. ADAR1 Capital Management LLC acquired a new stake in Prime Medicine in the 2nd quarter worth about $7,371,000. MWG Caph Ltd bought a new stake in Prime Medicine in the 4th quarter valued at about $6,219,000. Finally, Redmile Group LLC bought a new position in shares of Prime Medicine during the first quarter worth approximately $5,536,000. 70.37% of the stock is owned by institutional investors and hedge funds.

About Prime Medicine

Prime Medicine, Inc (NASDAQ:PRME) is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.