Prime Medicine (NASDAQ:PRME) Stock Price Down 5.8% - Here's What Happened

Key Points

• Prime Medicine's stock price fell by 5.8%, closing at $5.87 after previously being at $6.23.
• Trading volume decreased significantly, with only 855,648 shares changing hands, which is 68% lower than the average.
• Analysts have issued a consensus rating of "Sell", with recent moves to downgrade ratings from "hold" to "sell" by multiple firms.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) shares traded down 5.8% on Friday . The stock traded as low as $5.84 and last traded at $5.87. 855,648 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 2,698,795 shares. The stock had previously closed at $6.23.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Prime Medicine in a research report on Wednesday. Wall Street Zen cut shares of Prime Medicine from a "hold" rating to a "sell" rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Sell".

Prime Medicine Stock Performance

The stock has a market cap of $763.01 million, a P/E ratio of -3.63 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.