Prime Medicine (NYSE:PRME) Stock Price Down 5.1% - What's Next?

Key Points

• Prime Medicine's stock price declined by 5.1%, dropping to $4.95 from a previous close of $5.22, with trading volume significantly down at 520,747 shares.
• Analysts have set a new average target price of $8.92 for Prime Medicine, with ratings ranging from "Strong Buy" to "Hold."
• Institutional investors now hold 70.37% of the company's stock, indicating significant investor interest in Prime Medicine.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price fell 5.1% during trading on Friday . The stock traded as low as $5.01 and last traded at $4.95. 520,747 shares changed hands during trading, a decline of 80% from the average session volume of 2,617,409 shares. The stock had previously closed at $5.22.

Analysts Set New Price Targets

Several brokerages recently commented on PRME. Wedbush reiterated an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a report on Wednesday, July 16th. Chardan Capital dropped their price objective on Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $8.92.

Prime Medicine Stock Performance

The firm has a market capitalization of $679.06 million, a P/E ratio of -2.47 and a beta of 2.39. The stock has a fifty day moving average price of $4.00 and a two-hundred day moving average price of $2.63.

Insider Transactions at Prime Medicine

In other Prime Medicine news, major shareholder Arch Venture Partners Xii, Llc purchased 3,030,300 shares of Prime Medicine stock in a transaction on Friday, August 1st. The stock was bought at an average price of $3.30 per share, for a total transaction of $9,999,990.00. Following the transaction, the insider owned 6,230,300 shares of the company's stock, valued at $20,559,990. The trade was a 94.70% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 22.74% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC acquired a new stake in shares of Prime Medicine in the second quarter valued at $531,000. Bank of America Corp DE lifted its holdings in shares of Prime Medicine by 28.0% in the second quarter. Bank of America Corp DE now owns 144,511 shares of the company's stock valued at $357,000 after buying an additional 31,585 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Prime Medicine by 253.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock valued at $296,000 after buying an additional 85,938 shares during the period. Diametric Capital LP acquired a new stake in shares of Prime Medicine in the second quarter valued at $261,000. Finally, Greenwich Wealth Management LLC lifted its holdings in shares of Prime Medicine by 3.3% in the second quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company's stock valued at $2,090,000 after buying an additional 27,200 shares during the period. Institutional investors and hedge funds 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.

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