Prime Medicine (NYSE:PRME) Trading Down 11.8% - Should You Sell?

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price dropped 11.8% on Friday . The company traded as low as $4.01 and last traded at $4.14. Approximately 1,538,547 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 1,682,037 shares. The stock had previously closed at $4.69.

Analyst Ratings Changes

A number of research firms have commented on PRME. HC Wainwright downgraded shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. Citigroup reissued 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. JMP Securities dropped their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research report on Tuesday, May 20th. Chardan Capital cut their price target on Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, May 19th. Finally, Wedbush restated an "outperform" rating and set a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Prime Medicine has an average rating of "Moderate Buy" and a consensus target price of $10.08.

Prime Medicine Trading Up 10.3%

The stock has a 50-day moving average price of $1.95 and a two-hundred day moving average price of $2.17. The stock has a market cap of $645.57 million, a price-to-earnings ratio of -2.34 and a beta of 2.33.

Insider Buying and Selling

In related news, major shareholder David R. Liu purchased 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 acquisition, the insider owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This represents a 0.10% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders have purchased 63,000 shares of company stock valued at $110,250. 22.93% of the stock is owned by company insiders.

Institutional Trading of Prime Medicine

Several large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new stake in shares of Prime Medicine during the fourth quarter worth about $59,000. Rhumbline Advisers lifted its stake in Prime Medicine by 13.8% during the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after acquiring an additional 9,944 shares during the period. American Century Companies Inc. purchased a new stake in shares of Prime Medicine in the 4th quarter valued at $33,000. Jane Street Group LLC increased its stake in shares of Prime Medicine by 76.8% in the fourth quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock worth $297,000 after acquiring an additional 44,210 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Prime Medicine by 3.9% in the fourth quarter. Northern Trust Corp now owns 544,937 shares of the company's stock worth $1,591,000 after acquiring an additional 20,389 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Company Profile

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.