Prime Medicine (NYSE:PRME) Shares Down 7%

Prime Medicine, Inc. (NYSE:PRME)’s stock price was down 7% during trading on Wednesday . The company traded as low as $5.44 and last traded at $5.48. Approximately 267,442 shares changed hands during trading, a decline of 65% from the average daily volume of 766,968 shares. The stock had previously closed at $5.89.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PRME shares. Chardan Capital started coverage on shares of Prime Medicine in a research report on Monday, April 22nd. They set a “buy” rating and a $17.00 target price on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 price objective (down from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. Citigroup upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Thursday, May 16th. TD Cowen assumed coverage on shares of Prime Medicine in a research note on Monday, April 8th. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.09.

Prime Medicine Price Performance

The stock has a market cap of $636.16 million, a PE ratio of -2.55 and a beta of 2.35. The company’s fifty day moving average is $6.17 and its 200-day moving average is $7.10.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, May 10th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.01. The business had revenue of $0.59 million for the quarter. Analysts expect that Prime Medicine, Inc. will post -1.64 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRME. ARK Investment Management LLC lifted its stake in Prime Medicine by 19.7% in 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 acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $3,200,000. Vestmark Advisory Solutions Inc. acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $1,278,000. Chelsea Counsel Co. increased its holdings in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares during the last quarter. Finally, Levin Capital Strategies L.P. acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $177,000. 70.37% of the stock is owned by hedge funds and other 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.