Prime Medicine (NASDAQ:PRME) Stock Price Down 7.3% - What's Next?

Key Points

• Prime Medicine shares fell 7.3% on Friday to $3.3730 (intraday low $3.36) on only ~503,228 shares traded, an ~83% drop from its average daily volume.
• Analysts' consensus is a Moderate Buy with a $7.38 average price target; recent notes include Oppenheimer initiating coverage at Outperform with an $11 target amid mixed ratings (1 Strong Buy, 4 Buy, 3 Hold, 1 Sell).
• Institutions own 70.37% of the stock, with Alphabet, ARK, State Street, Vanguard and Farallon materially increasing stakes recently; the company has a market cap of ~$607.6M, 50/200-day SMAs of $3.80/$4.20, a negative P/E (-2.49) and a beta of 2.56.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s stock price was down 7.3% during trading on Friday . The stock traded as low as $3.36 and last traded at $3.3730. Approximately 503,228 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 2,908,434 shares. The stock had previously closed at $3.64.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PRME shares. Oppenheimer began coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an "outperform" rating and a $11.00 price objective on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Prime Medicine in a report on Monday, December 29th. Finally, Lifesci Capital raised Prime Medicine to a "strong-buy" rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Prime Medicine presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.38.

Prime Medicine Price Performance

The firm has a market capitalization of $607.55 million, a P/E ratio of -2.49 and a beta of 2.56. The stock's fifty day simple moving average is $3.80 and its 200 day simple moving average is $4.20.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PRME. Alphabet Inc. boosted its stake in Prime Medicine by 10.0% in the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company's stock valued at $91,756,000 after acquiring an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company's stock worth $30,347,000 after purchasing an additional 3,155,182 shares in the last quarter. State Street Corp lifted its holdings in shares of Prime Medicine by 293.0% during the 4th quarter. State Street Corp now owns 5,095,510 shares of the company's stock valued at $17,681,000 after purchasing an additional 3,798,884 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Prime Medicine by 35.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company's stock valued at $27,267,000 after purchasing an additional 1,294,355 shares during the last quarter. Finally, Farallon Capital Management LLC boosted its position in shares of Prime Medicine by 533.3% in the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company's stock worth $26,315,000 after purchasing an additional 4,000,000 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

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. 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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