Prime Medicine (NYSE:PRME) Shares Down 3.9%

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s share price traded down 3.9% on Wednesday . The stock traded as low as $7.63 and last traded at $7.72. 131,863 shares were traded during trading, a decline of 82% from the average session volume of 719,441 shares. The stock had previously closed at $8.03.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wedbush restated an "outperform" rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Tuesday, April 23rd. Citigroup upgraded shares of Prime Medicine from a "neutral" rating to a "buy" rating and set a $10.00 price objective on the stock in a research report on Thursday, May 16th. StockNews.com upgraded shares of Prime Medicine to a "sell" rating in a research report on Tuesday, May 14th. JPMorgan Chase & Co. lowered their price objective on shares of Prime Medicine from $16.00 to $15.00 and set an "overweight" rating on the stock in a research report on Monday, May 13th. Finally, Guggenheim decreased their target price on shares of Prime Medicine from $24.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $15.09.

Prime Medicine Trading Down 7.2 %

The firm has a market cap of $894.22 million, a P/E ratio of -3.47 and a beta of 2.07. The business's fifty day simple moving average is $6.07 and its 200-day simple moving average is $7.21.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.08). Analysts anticipate that Prime Medicine, Inc. will post -1.64 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its stake in shares of Prime Medicine by 19.8% during the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company's stock valued at $107,000 after purchasing an additional 2,520 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Prime Medicine by 22.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,016 shares of the company's stock valued at $220,000 after purchasing an additional 4,145 shares in the last quarter. Green Alpha Advisors LLC boosted its stake in shares of Prime Medicine by 14.2% during the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company's stock valued at $236,000 after purchasing an additional 4,200 shares in the last quarter. Chelsea Counsel Co. boosted its stake in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company's stock valued at $44,000 after purchasing an additional 4,400 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Prime Medicine by 40.0% during the third quarter. Oppenheimer & Co. Inc. now owns 21,537 shares of the company's stock worth $205,000 after acquiring an additional 6,152 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Prime Medicine Company Profile

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.