Prime Medicine (NASDAQ:PRME) Stock Price Down 6.7% – Time to Sell?

Prime Medicine, Inc. (NASDAQ:PRME)’s share price was down 6.7% on Monday. The company traded as low as $4.27 and last traded at $4.34. Approximately 530,106 shares changed hands during trading, a decline of 84% from the average session volume of 3,282,958 shares. The stock had previously closed at $4.65.

Analyst Ratings Changes

A number of research firms recently commented on PRME. BMO Capital Markets assumed coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th. Chardan Capital reissued a “buy” rating and set a $7.00 price objective on shares of Prime Medicine in a report on Friday, September 25th. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research report on Friday, September 25th. Finally, Wall Street Zen upgraded Prime Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Price Performance

The firm has a market capitalization of $789.90 million, a PE ratio of -4.09 and a beta of 2.14. The company’s fifty day simple moving average is $3.65 and its 200 day simple moving average is $3.52.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate 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 anticipate that Prime Medicine, Inc. will post -0.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $3,621,000. BlackRock Inc. bought a new stake in Prime Medicine during the 2nd quarter valued at $35,432,000. Alphabet Inc. bought a new stake in Prime Medicine during the 2nd quarter valued at $61,116,000. Redmile Group LLC bought a new stake in Prime Medicine during the 1st quarter valued at $5,536,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Prime Medicine during the second quarter worth $7,371,000. 70.37% of the stock is owned by institutional investors.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.