Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s share price fell 11.8% during trading on Friday . The stock traded as low as $4.01 and last traded at $4.14. 1,538,547 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 1,682,037 shares. The stock had previously closed at $4.69.
Analyst Ratings Changes
Several research firms recently commented on PRME. Citigroup reiterated a "neutral" rating and issued a $1.50 price objective (down previously from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. Wedbush reiterated an "outperform" rating and issued a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. Finally, JMP Securities lowered their target price on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $10.08.
Read Our Latest Report on Prime Medicine
Prime Medicine Stock Down 7.2%
The company's fifty day simple moving average is $1.95 and its 200 day simple moving average is $2.18. The firm has a market capitalization of $585.05 million, a PE ratio of -2.12 and a beta of 2.33.
Insider Buying and Selling at Prime Medicine
In other Prime Medicine news, major shareholder David R. Liu bought 21,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was acquired at an average price of $2.16 per share, with a total value of $45,360.00. Following the completion of the purchase, the insider owned 20,219,945 shares of the company's stock, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have purchased a total of 63,000 shares of company stock worth $110,250 over the last ninety days. 22.93% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Prime Medicine
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Westwood Holdings Group Inc. boosted its stake in Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock worth $2,579,000 after purchasing an additional 433,653 shares in the last quarter. Walleye Capital LLC boosted its stake in Prime Medicine by 272.5% in the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company's stock worth $1,179,000 after purchasing an additional 295,365 shares in the last quarter. AQR Capital Management LLC boosted its stake in Prime Medicine by 1,419.4% in the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock worth $485,000 after purchasing an additional 227,749 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Prime Medicine by 4.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company's stock worth $11,616,000 after purchasing an additional 170,541 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $423,000. Institutional investors own 70.37% of the company's stock.
About Prime Medicine
(
Get Free Report)
Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.
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