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

Prime Medicine, Inc. (NYSE:PRME) shares traded down 2.5% during trading on Monday . The company traded as low as $5.40 and last traded at $5.45. 100,000 shares changed hands during trading, a decline of 86% from the average session volume of 696,725 shares. The stock had previously closed at $5.59.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus lowered 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. Wedbush reiterated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Tuesday, April 23rd. Guggenheim cut their price objective on 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 began coverage on shares of Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating on the stock. Finally, Chardan Capital started coverage on shares of Prime Medicine in a report on Monday, April 22nd. They set a “buy” rating and a $17.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and an average price target of $16.89.

Prime Medicine Price Performance

The stock’s 50 day simple moving average is $6.56 and its two-hundred day simple moving average is $7.23. The company has a market capitalization of $648.16 million, a P/E ratio of -2.49 and a beta of 2.07.

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

Insider Activity

In other Prime Medicine news, Director Robert Nelsen bought 3,200,000 shares of Prime Medicine stock in a transaction dated 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 purchase, the director now owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The transaction was disclosed in a document filed with the SEC, which is available at this link. 24.29% of the stock is currently owned by insiders.

Institutional Trading of Prime Medicine

A number of hedge funds have recently modified their holdings of PRME. Vanguard Group Inc. grew its stake 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 acquiring an additional 617,310 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Prime Medicine by 18.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock valued at $34,676,000 after purchasing an additional 571,097 shares during the period. ARK Investment Management LLC increased its stake in Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Bollard Group LLC bought a new position in Prime Medicine in the fourth quarter valued at approximately $3,200,000. Finally, Greenwich Wealth Management LLC boosted its holdings in shares of Prime Medicine by 111.1% in the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after buying an additional 231,021 shares during the period. 70.37% of the stock is currently 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.