Prime Medicine (NASDAQ:PRME) Shares Down 6.5% - Should You Sell?

Key Points

• Prime Medicine shares fell 6.5% on Monday, trading as low as $3.54 after closing at $3.78 the prior session, with volume well below average.
• Analyst views remain mixed, but the overall stance is Moderate Buy with a consensus price target of $7.53; recent updates included an upgrade from HC Wainwright to buy and a downgrade from Wall Street Zen to strong sell.
• The company continues to post deep losses and limited revenue, missing recent EPS estimates and drawing expectations for a full-year loss of $0.98 per share.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s share price fell 6.5% on Monday . The company traded as low as $3.54 and last traded at $3.5350. Approximately 923,638 shares changed hands during trading, a decline of 68% from the average session volume of 2,931,771 shares. The stock had previously closed at $3.78.

Analyst Upgrades and Downgrades

Several brokerages have commented on PRME. HC Wainwright upgraded shares of Prime Medicine from a "neutral" rating to a "buy" rating and set a $8.00 price objective for the company in a research report on Monday, June 29th. Wall Street Zen downgraded Prime Medicine from a "sell" rating to a "strong sell" rating in a report on Wednesday, May 13th. New Street Research set a $8.00 price objective on Prime Medicine in a research report on Monday, June 29th. Citigroup reaffirmed a "market outperform" rating on shares of Prime Medicine in a research report on Monday, June 22nd. Finally, The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $7.53.

Prime Medicine Price Performance

The firm has a fifty day simple moving average of $3.30 and a two-hundred day simple moving average of $3.58. The firm has a market capitalization of $636.69 million, a P/E ratio of -2.87 and a beta of 2.26.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The firm had revenue of $0.86 million during the quarter. On average, research analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of Prime Medicine by 1,419.4% in the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock valued at $485,000 after purchasing an additional 227,749 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in Prime Medicine in the 1st quarter valued at approximately $101,000. Rhumbline Advisers grew its stake in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after buying an additional 9,944 shares in the last quarter. Creative Planning bought a new stake in Prime Medicine during the 2nd quarter valued at $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Prime Medicine by 253.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock valued at $296,000 after acquiring an additional 85,938 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

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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