Prime Medicine (NASDAQ:PRME) Stock Price Down 6.5% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price dropped 6.5% during mid-day trading on Monday . The company traded as low as $3.54 and last traded at $3.5350. 923,638 shares were traded during trading, a decline of 68% from the average session volume of 2,931,771 shares. The stock had previously closed at $3.78.

Analyst Upgrades and Downgrades

Several research analysts have commented on PRME shares. New Street Research set a $8.00 target price on Prime Medicine in a research note on Monday, June 29th. HC Wainwright raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price target on the stock in a report on Monday, June 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a report on Wednesday. Finally, The Goldman Sachs Group set a $6.00 target price on shares of Prime Medicine in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Price Performance

The company has a 50 day simple moving average of $3.30 and a 200-day simple moving average of $3.58. The firm has a market cap of $636.69 million, a PE ratio of -2.87 and a beta of 2.26.

Prime Medicine (NASDAQ:PRME) last released its earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The company had revenue of $0.86 million during the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. On average, sell-side analysts predict that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. Chelsea Counsel Co. raised its stake in Prime Medicine by 103.7% in the first quarter. Chelsea Counsel Co. now owns 462,340 shares of the company’s stock worth $1,609,000 after buying an additional 235,340 shares in the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of Prime Medicine during the 1st quarter worth approximately $6,867,000. Royal Bank of Canada grew its holdings in shares of Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after acquiring an additional 4,365 shares during the period. Redmile Group LLC bought a new position in shares of Prime Medicine in the 1st quarter worth approximately $5,536,000. Finally, Sei Investments Co. bought a new position in shares of Prime Medicine in the 1st quarter worth approximately $102,000. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.