Prime Medicine (NYSE:PRME) Stock Price Down 6.6% - Time to Sell?

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s share price traded down 6.6% during mid-day trading on Thursday . The stock traded as low as $3.91 and last traded at $3.77. 677,428 shares changed 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 recently issued reports on the company. Citigroup reiterated a "neutral" rating and set a $1.50 price target (down from $10.00) on shares of Prime Medicine in a report 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 reduced their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Finally, Chardan Capital reduced their target price on Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.25.

Prime Medicine Stock Performance

The company has a 50-day simple moving average of $2.13 and a 200 day simple moving average of $2.20. The company has a market capitalization of $524.53 million, a P/E ratio of -1.90 and a beta of 2.33.

Insider Activity

In other news, major shareholder David R. Liu acquired 21,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were acquired at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the completion of the transaction, the insider owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders purchased 63,000 shares of company stock worth $110,250 in the last quarter. Insiders own 22.93% of the company's stock.

Institutional Trading of Prime Medicine

Institutional investors and hedge funds have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its position in Prime Medicine by 4.2% in the first 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 during the period. Price T Rowe Associates Inc. MD grew its position in Prime Medicine by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock valued at $4,628,000 after acquiring an additional 38,515 shares during the period. Geode Capital Management LLC grew its position in Prime Medicine by 7.9% in the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock valued at $4,287,000 after acquiring an additional 107,627 shares during the period. Westwood Holdings Group Inc. grew its position in Prime Medicine by 96.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after acquiring an additional 433,653 shares during the period. Finally, Northern Trust Corp grew its position in Prime Medicine by 3.9% in the fourth 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. 70.37% of the stock is currently owned by institutional investors.

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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