Prime Medicine (NASDAQ:PRME) Stock Falls 7.6% - Here's Why

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s stock price was down 7.6% during mid-day trading on Thursday. The company traded as low as $3.62 and last traded at $3.6050. 2,847,292 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 3,038,023 shares. The stock had previously closed at $3.90.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRME. Wall Street Zen cut Prime Medicine from a "hold" rating to a "sell" rating in a research report on Saturday, October 3rd. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd. TD Cowen reiterated a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a report on Monday, August 31st. Finally, Chardan Capital reissued a "buy" rating and issued a $7.00 target price on shares of Prime Medicine in a research report on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $7.47.

Prime Medicine Price Performance

The company has a market cap of $654.42 million, a P/E ratio of -3.42 and a beta of 2.37. The business has a 50-day moving average of $3.27 and a two-hundred day moving average of $3.33.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly 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 return on equity of 188.27% and a negative net margin of 4,613.11%.The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Equities analysts anticipate that Prime Medicine, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

Institutional investors have recently bought and sold shares of the business. Arizona State Retirement System lifted its stake in shares of Prime Medicine by 15.5% in the second quarter. Arizona State Retirement System now owns 28,646 shares of the company's stock worth $106,000 after buying an additional 3,855 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock worth $32,000 after purchasing an additional 4,365 shares during the last quarter. Swiss National Bank grew its position in shares of Prime Medicine by 5.0% in the first quarter. Swiss National Bank now owns 178,600 shares of the company's stock valued at $622,000 after purchasing an additional 8,500 shares in the last quarter. Glen Eagle Advisors LLC acquired a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $35,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Prime Medicine during the 2nd quarter worth $37,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc NASDAQ: PRME 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 a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.

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