Prime Medicine (NASDAQ:PRME) Stock Price Down 4.7% – Should You Sell?

Prime Medicine, Inc. (NASDAQ:PRME) shares traded down 4.7% during trading on Wednesday . The stock traded as low as $3.53 and last traded at $3.5350. Approximately 207,566 shares were traded during mid-day trading, a decline of 93% from the average session volume of 2,910,102 shares. The stock had previously closed at $3.71.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wall Street Zen raised Prime Medicine from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Chardan Capital assumed coverage on shares of Prime Medicine in a research report on Tuesday. They issued a “buy” rating and a $7.00 price objective on the stock. Finally, BMO Capital Markets initiated coverage on shares of Prime Medicine in a research note on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Trading Up 1.7%

The firm has a 50-day moving average of $3.35 and a 200-day moving average of $3.42. The stock has a market capitalization of $660.21 million, a price-to-earnings ratio of -3.43 and a beta of 2.31.

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

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its stake in Prime Medicine by 570.2% during the 2nd quarter. California State Teachers Retirement System now owns 579,511 shares of the company’s stock valued at $2,138,000 after acquiring an additional 493,038 shares during the period. Syon Capital LLC purchased a new position in shares of Prime Medicine during the second quarter worth $41,000. Concurrent Investment Advisors LLC raised its holdings in shares of Prime Medicine by 77.6% during the second quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock worth $486,000 after purchasing an additional 57,545 shares during the last quarter. Wellington Management Group LLP acquired a new position in Prime Medicine during the second quarter valued at $1,123,000. Finally, Kingsview Wealth Management LLC acquired a new position in Prime Medicine during the second quarter valued at $37,000. 70.37% of the stock is owned by hedge funds and other 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.