Prime Medicine (NYSE:PRME) Stock Price Down 4.1%

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) traded down 4.1% on Thursday . The stock traded as low as $5.65 and last traded at $5.65. 102,308 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 665,018 shares. The stock had previously closed at $5.89.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Wedbush assumed coverage on Prime Medicine in a research note on Tuesday, April 2nd. They issued an "outperform" rating and a $12.00 price objective on the stock. Stifel Nicolaus lowered Prime Medicine from a "buy" rating to a "hold" rating and lowered their price objective for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. TD Cowen assumed coverage on Prime Medicine in a research note on Monday. They issued a "buy" rating on the stock. Finally, Guggenheim lowered their price objective on Prime Medicine from $24.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $16.88.

Prime Medicine Trading Down 1.4 %

The firm has a market capitalization of $696.85 million, a price-to-earnings ratio of -2.68 and a beta of 1.80. The firm has a fifty day moving average price of $7.36 and a 200 day moving average price of $7.65.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities analysts predict that Prime Medicine, Inc. will post -1.82 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. lifted its stake in shares of Prime Medicine by 293.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company's stock valued at $48,000 after purchasing an additional 2,436 shares during the period. Barclays PLC lifted its stake in shares of Prime Medicine by 47.7% in the 2nd quarter. Barclays PLC now owns 7,879 shares of the company's stock valued at $116,000 after purchasing an additional 2,543 shares during the period. Deutsche Bank AG lifted its stake in shares of Prime Medicine by 15.4% in the 3rd quarter. Deutsche Bank AG now owns 20,555 shares of the company's stock valued at $196,000 after purchasing an additional 2,743 shares during the period. Royal Bank of Canada lifted its stake in shares of Prime Medicine by 506.6% in the 2nd quarter. Royal Bank of Canada now owns 3,579 shares of the company's stock valued at $53,000 after purchasing an additional 2,989 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Prime Medicine by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 296,188 shares of the company's stock valued at $2,624,000 after buying an additional 3,618 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

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.