Prime Medicine (NYSE:PRME) Trading Down 6.6% - What's Next?

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) shares traded down 6.6% during mid-day trading on Thursday . The company traded as low as $3.91 and last traded at $3.77. Approximately 677,428 shares traded hands during trading, a decline of 61% from the average session volume of 1,753,855 shares. The stock had previously closed at $4.04.

Analysts Set New Price Targets

Several equities research analysts have commented on PRME shares. Wedbush restated an "outperform" rating and set a $8.00 price target on shares of Prime Medicine in a research note on Wednesday, July 16th. Citigroup reiterated a "neutral" rating and set a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. JPMorgan Chase & Co. restated a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. JMP Securities cut their price objective 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. Finally, Chardan Capital lowered their price objective on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Prime Medicine currently has a consensus rating of "Moderate Buy" and an average price target of $9.25.

Prime Medicine Price Performance

The company has a market capitalization of $614.65 million, a price-to-earnings ratio of -2.23 and a beta of 2.33. The business has a fifty day moving average price of $2.24 and a 200 day moving average price of $2.22.

Insider Activity at Prime Medicine

In related news, major shareholder David R. Liu bought 21,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was bought at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the transaction, the insider owned 20,219,945 shares of the company's stock, valued at $43,675,081.20. This represents a 0.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders acquired 63,000 shares of company stock valued at $110,250. 22.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. raised its holdings in Prime Medicine by 4.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock valued at $8,245,000 after acquiring an additional 165,268 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Prime Medicine by 2.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock worth $4,628,000 after purchasing an additional 38,515 shares in the last quarter. Geode Capital Management LLC lifted its stake in Prime Medicine by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock valued at $4,287,000 after purchasing an additional 107,627 shares during the last quarter. Westwood Holdings Group Inc. increased its holdings in shares of Prime Medicine by 96.5% during the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock worth $2,579,000 after buying an additional 433,653 shares in the last quarter. Finally, Northern Trust Corp increased its position in Prime Medicine by 3.9% in the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company's stock valued at $1,591,000 after acquiring an additional 20,389 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.