Prime Medicine (NYSE:PRME) Trading Down 4.6% – What’s Next?

Prime Medicine, Inc. (NYSE:PRME)’s stock price traded down 4.6% during trading on Tuesday . The stock traded as low as $4.07 and last traded at $4.17. 325,790 shares were traded during trading, a decline of 67% from the average session volume of 978,204 shares. The stock had previously closed at $4.37.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PRME. Wedbush restated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a report on Thursday, August 8th. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.50.

Prime Medicine Price Performance

The company has a market capitalization of $478.92 million, a P/E ratio of -1.84 and a beta of 2.18. The firm has a fifty day moving average price of $3.93 and a 200-day moving average price of $5.14.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). On average, research analysts forecast that Prime Medicine, Inc. will post -1.75 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in PRME. Westwood Holdings Group Inc. bought a new position in shares of Prime Medicine during the 1st quarter valued at approximately $1,115,000. Vanguard Group Inc. grew its holdings in Prime Medicine by 43.1% during the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the period. Price T Rowe Associates Inc. MD increased its position in Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after buying an additional 301,431 shares during the last quarter. Millennium Management LLC raised its stake in shares of Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after buying an additional 895,610 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Prime Medicine in the first quarter valued at $148,000. Institutional investors own 70.37% of the company’s stock.

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.