Prime Medicine (NASDAQ:PRME) Trading Down 6.9% - Should You Sell?

Key Points

• Prime Medicine shares fell 6.9% to about $3.30, with trading volume roughly 85% below the average session volume.
• Analyst sentiment remains mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $7.69, well above its current price.
• The company reported a quarterly loss of $0.24 per share and revenue of $1.15 million, below the $4.40 million consensus estimate, while maintaining deeply negative profitability metrics.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s share price fell 6.9% on Thursday . The company traded as low as $3.36 and last traded at $3.2950. Approximately 449,829 shares changed hands during trading, a decline of 85% from the average session volume of 2,902,812 shares. The stock had previously closed at $3.54.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRME. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd. Weiss Ratings restated a "sell (e+)" rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. TD Cowen reiterated a "buy" rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Wall Street Zen upgraded Prime Medicine from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, HC Wainwright reissued a "buy" rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $7.69.

Prime Medicine Trading Down 4.9%

The stock's 50-day moving average is $3.29 and its 200-day moving average is $3.43. The firm has a market capitalization of $610.34 million, a price-to-earnings ratio of -3.17 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. On average, equities research analysts anticipate that Prime Medicine, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Creative Planning bought a new stake in Prime Medicine during the 2nd quarter worth $25,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Prime Medicine in the 4th quarter worth about $31,000. Royal Bank of Canada raised its position in Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock valued at $32,000 after purchasing an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Prime Medicine in the fourth quarter valued at about $33,000. Finally, Glen Eagle Advisors LLC acquired a new stake in shares of Prime Medicine during the fourth quarter valued at about $35,000. 70.37% of the stock is currently owned by 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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