Prime Medicine (NASDAQ:PRME) Trading Down 6.4% - Here's What Happened

Key Points

• Prime Medicine shares fell 6.4% on Friday to about $3.285 (intraday low $3.31) on volume of 556,887 shares, roughly 80% below the average session volume of 2.83 million.
• Analysts maintain a Moderate Buy consensus with an average price target of $7.38 (1 Strong Buy, 4 Buy, 3 Hold, 1 Sell); notable recent notes include Lifesci Capital's "strong-buy" and Oppenheimer initiating coverage at "outperform" with an $11 target.
• The company has a market cap of about $607.6M, a negative P/E (-2.49), 50-/200-day moving averages of $3.64/$4.14, and roughly 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s stock price fell 6.4% during trading on Friday . The company traded as low as $3.31 and last traded at $3.2850. 556,887 shares were traded during mid-day trading, a decline of 80% from the average session volume of 2,830,845 shares. The stock had previously closed at $3.51.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRME. Lifesci Capital raised shares of Prime Medicine to a "strong-buy" rating in a research note on Monday, March 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Prime Medicine in a research note on Monday, December 29th. Finally, Oppenheimer started coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They issued an "outperform" rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $7.38.

Prime Medicine Trading Down 4.1%

The business's 50 day moving average is $3.64 and its 200 day moving average is $4.14. The stock has a market capitalization of $607.56 million, a PE ratio of -2.49 and a beta of 2.65.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently made changes to their positions in PRME. Russell Investments Group Ltd. lifted its position in shares of Prime Medicine by 1,316.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company's stock worth $38,000 after purchasing an additional 6,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Prime Medicine in the 4th quarter worth approximately $31,000. Jones Financial Companies Lllp purchased a new stake in shares of Prime Medicine in the 3rd quarter worth approximately $49,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Prime Medicine in the 4th quarter worth approximately $33,000. Finally, Sterling Investment Advisors Ltd. purchased a new stake in shares of Prime Medicine in the 3rd quarter worth approximately $55,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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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