Prime Medicine (NASDAQ:PRME) Shares Down 10.9% - Here's What Happened

Key Points

• Prime Medicine's shares dropped by 10.9% to trade at $4.98, with a significant increase in trading volume compared to average sessions.
• Analysts are bearish on the stock, with ratings adjusted to "sell" from both Weiss Ratings and Wall Street Zen.
• The biotechnology company, specializing in gene editing technologies, currently has a market capitalization of $687.65 million and a P/E ratio of -3.28.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) shares fell 10.9% on Wednesday . The company traded as low as $4.93 and last traded at $4.98. 4,396,759 shares traded hands during trading, an increase of 59% from the average session volume of 2,773,272 shares. The stock had previously closed at $5.59.

Analyst Upgrades and Downgrades

PRME has been the topic of a number of analyst reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a report on Wednesday, October 8th. Wall Street Zen lowered Prime Medicine from a "hold" rating to a "sell" rating in a report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of "Sell".

Prime Medicine Price Performance

The company has a market capitalization of $687.65 million, a P/E ratio of -3.28 and a beta of 2.65.

About Prime Medicine

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.

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