Prime Medicine (NYSE:PRME) Trading Down 5.7%

Prime Medicine, Inc. (NYSE:PRME) shares dropped 5.7% during trading on Thursday . The company traded as low as $4.65 and last traded at $4.65. Approximately 374,820 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 662,684 shares. The stock had previously closed at $4.93.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Guggenheim cut their price objective on Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Wedbush started coverage on Prime Medicine in a report on Tuesday, April 2nd. They set an “outperform” rating and a $12.00 price target on the stock. Stifel Nicolaus downgraded 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. Finally, TD Cowen initiated coverage on shares of Prime Medicine in a research report on Monday, April 8th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.88.

Prime Medicine Stock Down 1.7 %

The stock has a 50 day moving average of $7.15 and a 200 day moving average of $7.45.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results 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). Analysts predict that Prime Medicine, Inc. will post -1.8 EPS for the current year.

Insider Activity at Prime Medicine

In other Prime Medicine news, Director Robert Nelsen purchased 3,200,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the acquisition, the director now owns 3,200,000 shares in the company, valued at approximately $20,000,000. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 24.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of PRME. ARK Investment Management LLC lifted its position in shares of Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after acquiring an additional 515,841 shares during the period. Greenwich Wealth Management LLC boosted its position in shares of Prime Medicine by 111.1% during the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock worth $4,188,000 after purchasing an additional 231,021 shares in the last quarter. Barclays PLC boosted its position in shares of Prime Medicine by 726.8% during the 3rd quarter. Barclays PLC now owns 65,140 shares of the company’s stock worth $621,000 after purchasing an additional 57,261 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Prime Medicine by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after buying an additional 617,310 shares during the period. Finally, Citigroup Inc. increased its position in Prime Medicine by 296.8% in the 3rd quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock valued at $536,000 after buying an additional 42,032 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.