Prime Medicine (NASDAQ:PRME) Trading Down 6.9% – Here’s Why

Prime Medicine, Inc. (NASDAQ:PRME) shares fell 6.9% during mid-day trading on Thursday . The stock traded as low as $3.36 and last traded at $3.2950. 449,829 shares changed hands during trading, a decline of 85% from the average session volume of 2,902,812 shares. The stock had previously closed at $3.54.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRME. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, New Street Research set a $8.00 price target on Prime Medicine in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.69.

Prime Medicine Stock Up 4.6%

The firm has a market capitalization of $614.87 million, a price-to-earnings ratio of -3.20 and a beta of 2.31. The company’s 50 day moving average is $3.31 and its 200 day moving average is $3.42.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The firm had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. On average, analysts expect that Prime Medicine, Inc. will post -0.95 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its position in Prime Medicine by 1,419.4% during the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after buying an additional 227,749 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Prime Medicine in the 1st quarter valued at $101,000. Rhumbline Advisers raised its holdings in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after acquiring an additional 9,944 shares in the last quarter. Creative Planning bought a new stake in shares of Prime Medicine during the 2nd quarter valued at $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Prime Medicine by 253.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock valued at $296,000 after acquiring an additional 85,938 shares during the period. 70.37% of the stock is currently owned by institutional investors.

About Prime Medicine

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.