Prime Medicine (NASDAQ:PRME) Shares Down 7.5% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME)’s share price was down 7.5% during mid-day trading on Wednesday. The stock traded as low as $3.27 and last traded at $3.2750. 780,529 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 2,894,425 shares. The stock had previously closed at $3.54.

Analysts Set New Price Targets

Several brokerages recently weighed in on PRME. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. New Street Research set a $8.00 price objective on shares of Prime Medicine in a research note on Monday, June 29th. Wall Street Zen upgraded shares of Prime Medicine from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. BMO Capital Markets initiated coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 target price for the company. Finally, The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Performance

The stock has a 50 day moving average of $3.25 and a two-hundred day moving average of $3.37. The stock has a market cap of $556.84 million, a PE ratio of -2.90 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting analysts’ consensus estimates of ($0.24). The firm had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Analysts expect that Prime Medicine, Inc. will post -0.96 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

Institutional investors have recently made changes to their positions in the stock. Alphabet Inc. purchased a new position in Prime Medicine in the second quarter valued at about $61,116,000. BlackRock Inc. acquired a new position in Prime Medicine during the second quarter valued at approximately $35,432,000. ADAR1 Capital Management LLC bought a new position in Prime Medicine in the 2nd quarter worth $7,371,000. MWG Caph Ltd acquired a new position in shares of Prime Medicine during the 4th quarter worth about $6,219,000. Finally, Redmile Group LLC bought a new stake in Prime Medicine during the 1st quarter valued at approximately $5,536,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.