Prime Medicine (NYSE:PRME) Hits New 1-Year Low at $3.99

Prime Medicine, Inc. (NYSE:PRME)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $3.99 and last traded at $4.17, with a volume of 234858 shares trading hands. The stock had previously closed at $4.20.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PRME. HC Wainwright restated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a report on Friday. Chardan Capital initiated coverage on Prime Medicine in a report on Monday, April 22nd. They set a “buy” rating and a $17.00 price target on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $15.00 price objective (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. Wedbush reaffirmed an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research report on Thursday. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus price target of $15.09.

Prime Medicine Price Performance

The stock has a fifty day moving average of $5.82 and a 200 day moving average of $6.40. The firm has a market capitalization of $495.73 million, a P/E ratio of -1.94 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). Equities analysts forecast that Prime Medicine, Inc. will post -1.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in Prime Medicine during the fourth quarter valued at about $90,000. Strs Ohio bought a new position in Prime Medicine in the 4th quarter worth approximately $151,000. Greenwich Wealth Management LLC grew its stake in Prime Medicine by 16.9% in the 4th quarter. Greenwich Wealth Management LLC now owns 513,001 shares of the company’s stock valued at $4,545,000 after buying an additional 73,980 shares in the last quarter. Levin Capital Strategies L.P. bought a new stake in Prime Medicine during the 4th quarter valued at $177,000. Finally, Vestmark Advisory Solutions Inc. purchased a new stake in shares of Prime Medicine during the fourth quarter worth $1,278,000. 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.