Prime Medicine (NASDAQ:PRME) Stock Price Down 4.3% - Here's What Happened

Key Points

• Prime Medicine shares fell 4.3% to about $3.21, with trading volume down 80% from the average session. The company’s market capitalization is approximately $577.7 million.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $7.47, well above the current share price.
• Prime Medicine reported a quarterly loss of $0.24 per share in line with estimates, but revenue of $1.15 million came in below the $4.40 million consensus forecast. Institutional investors own 70.37% of the company, including new positions from Alphabet and BlackRock.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s share price fell 4.3% on Friday . The stock traded as low as $3.21 and last traded at $3.2050. 591,574 shares were traded during mid-day trading, a decline of 80% from the average session volume of 2,885,841 shares. The stock had previously closed at $3.35.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, August 10th. BMO Capital Markets began coverage on Prime Medicine in a research report on Tuesday, August 18th. They set an "outperform" rating and a $9.00 price objective for the company. Chardan Capital started coverage on Prime Medicine in a research note on Tuesday, August 25th. They issued a "buy" rating and a $7.00 target price on the stock. New Street Research set a $8.00 price target on Prime Medicine in a research note on Monday, June 29th. Finally, Citigroup reiterated a "market outperform" rating on shares of Prime Medicine in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $7.47.

Prime Medicine Trading Down 4.9%

The business's fifty day moving average price is $3.38 and its two-hundred day moving average price is $3.44. The firm has a market cap of $577.70 million, a P/E ratio of -3.00 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.24) EPS 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 for the quarter, compared to the consensus estimate of $4.40 million. Research analysts predict that Prime Medicine, Inc. will post -0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently modified their holdings of the company. Alphabet Inc. bought a new position in Prime Medicine in the second quarter worth $61,116,000. BlackRock Inc. acquired a new position in shares of Prime Medicine in the 2nd quarter valued at $35,432,000. Redmile Group LLC bought a new position in shares of Prime Medicine during the 1st quarter worth about $5,536,000. ADAR1 Capital Management LLC acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at about $7,371,000. Finally, UBS Group AG increased its stake in Prime Medicine by 700.8% in the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company's stock valued at $8,469,000 after acquiring an additional 2,135,810 shares during the period. Institutional investors own 70.37% of the company's stock.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.

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