Prime Medicine (NYSE:PRME) Shares Down 8.8% – Here’s Why

Shares of Prime Medicine, Inc. (NYSE:PRME) traded down 8.8% during trading on Monday . The stock traded as low as $4.48 and last traded at $4.5050. 1,219,488 shares traded hands during trading, a decline of 56% from the average session volume of 2,801,771 shares. The stock had previously closed at $4.94.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PRME shares. Wedbush restated an “outperform” rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Wednesday, July 16th. Citigroup reissued a “neutral” rating on shares of Prime Medicine in a research report on Wednesday, October 29th. Finally, Chardan Capital dropped their price target on Prime Medicine from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.92.

Prime Medicine Trading Down 6.4%

The stock’s 50-day moving average is $4.88 and its 200-day moving average is $3.36. The company has a market cap of $622.40 million, a price-to-earnings ratio of -2.23 and a beta of 2.65.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in Prime Medicine by 20.4% during the 1st quarter. Bank of New York Mellon Corp now owns 155,992 shares of the company’s stock worth $310,000 after acquiring an additional 26,478 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of Prime Medicine during the first quarter valued at approximately $62,000. CWM LLC increased its holdings in Prime Medicine by 741.5% in the 1st quarter. CWM LLC now owns 20,466 shares of the company’s stock worth $41,000 after buying an additional 18,034 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in Prime Medicine by 48.1% in the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 89,870 shares of the company’s stock valued at $179,000 after acquiring an additional 29,185 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Prime Medicine by 3.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 503,697 shares of the company’s stock worth $1,002,000 after acquiring an additional 19,106 shares during the period. 70.37% of the stock is 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.