Prime Medicine (NYSE:PRME) Shares Down 6.9% – Here’s What Happened

Shares of Prime Medicine, Inc. (NYSE:PRME) fell 6.9% on Wednesday . The company traded as low as $3.76 and last traded at $3.77. 983,246 shares changed hands during trading, a decline of 68% from the average session volume of 3,036,789 shares. The stock had previously closed at $4.05.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PRME shares. Citigroup reduced their price objective on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Lifesci Capital began coverage on Prime Medicine in a report on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy” and an average price target of $7.21.

Prime Medicine Stock Down 7.2%

The firm has a fifty day moving average of $3.85 and a 200-day moving average of $4.20. The firm has a market cap of $678.88 million, a P/E ratio of -1.83 and a beta of 2.55.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently bought and sold shares of PRME. Alphabet Inc. lifted its stake in shares of Prime Medicine by 10.0% in the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock valued at $91,756,000 after purchasing an additional 1,500,000 shares during the period. ARK Investment Management LLC grew its stake in shares of Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares during the period. State Street Corp increased its holdings in Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after purchasing an additional 3,798,884 shares during the last quarter. Vanguard Group Inc. increased its holdings in Prime Medicine by 35.7% in the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after purchasing an additional 1,294,355 shares during the last quarter. Finally, Farallon Capital Management LLC lifted its stake in Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after buying an additional 4,000,000 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.