Prime Medicine (NYSE:PRME) Reaches New 52-Week Low at $5.46

Prime Medicine, Inc. (NYSE:PRME) reached a new 52-week low during trading on Monday . The stock traded as low as $5.46 and last traded at $5.46, with a volume of 125217 shares traded. The stock had previously closed at $5.73.

Analyst Upgrades and Downgrades

PRME has been the subject of several research analyst reports. Stifel Nicolaus downgraded Prime Medicine from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. TD Cowen initiated coverage on Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating for the company. Wedbush initiated coverage on Prime Medicine in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $12.00 price target for the company. Finally, Guggenheim cut their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.88.

Prime Medicine Stock Performance

The stock has a 50 day simple moving average of $7.27 and a 200-day simple moving average of $7.52.

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

Insider Activity

In related news, Director Robert Nelsen acquired 3,200,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the transaction, the director now directly owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in Prime Medicine by 243.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 103,213 shares of the company’s stock worth $1,512,000 after purchasing an additional 73,145 shares in the last quarter. Barclays PLC lifted its holdings in Prime Medicine by 47.7% in the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after purchasing an additional 2,543 shares in the last quarter. Rhumbline Advisers purchased a new position in Prime Medicine in the 2nd quarter worth approximately $689,000. Citigroup Inc. lifted its holdings in Prime Medicine by 59.8% in the 2nd quarter. Citigroup Inc. now owns 14,161 shares of the company’s stock worth $207,000 after purchasing an additional 5,302 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Prime Medicine by 92.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 141,144 shares of the company’s stock worth $2,068,000 after purchasing an additional 67,717 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Prime Medicine

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.