Prime Medicine (NYSE:PRME) Hits New 52-Week Low at $4.32

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.32 and last traded at $4.50, with a volume of 130514 shares changing hands. The stock had previously closed at $4.70.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PRME shares. Stifel Nicolaus cut Prime Medicine from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $18.00 to $9.00 in a research report on Tuesday, January 16th. Guggenheim reduced their price objective on Prime Medicine from $24.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, March 5th. Chardan Capital started coverage on Prime Medicine in a research report on Monday. They set a "buy" rating and a $17.00 price objective for the company. TD Cowen started coverage on Prime Medicine in a research report on Monday, April 8th. They set a "buy" rating for the company. Finally, Wedbush reissued an "outperform" rating and set a $12.00 price target on shares of Prime Medicine in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $16.89.

Prime Medicine Trading Down 8.5 %

The stock has a 50 day simple moving average of $6.95 and a 200 day simple moving average of $7.33. The stock has a market cap of $516.09 million, a P/E ratio of -1.98 and a beta of 1.80.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its quarterly earnings data on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.08). Equities analysts anticipate that Prime Medicine, Inc. will post -1.8 earnings per share for the current year.

Insider Buying and Selling at Prime Medicine

In other news, Director Robert Nelsen acquired 3,200,000 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the acquisition, the director now directly owns 3,200,000 shares in the company, valued at approximately $20,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 24.29% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Chelsea Counsel Co. raised its position in shares of Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company's stock worth $44,000 after acquiring an additional 4,400 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Prime Medicine in the 4th quarter worth about $90,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Prime Medicine in the 4th quarter worth about $100,000. Strs Ohio bought a new position in shares of Prime Medicine in the 4th quarter worth about $151,000. Finally, Levin Capital Strategies L.P. bought a new position in shares of Prime Medicine in the 4th quarter worth about $177,000. 70.37% of the stock is owned by institutional investors.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.