Prime Medicine (NASDAQ:PRME) Shares Down 8.1% – Time to Sell?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) dropped 8.1% during trading on Friday. The stock traded as low as $3.38 and last traded at $3.4290. Approximately 531,810 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 3,124,860 shares. The stock had previously closed at $3.73.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. BMO Capital Markets began coverage on Prime Medicine in a research note on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective on the stock. TD Cowen restated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Friday, September 25th. Jefferies Financial Group restated a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. Finally, Chardan Capital reiterated a “buy” rating and set a $7.00 price target on shares of Prime Medicine in a research report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Trading Down 2.8%

The firm has a 50 day moving average price of $3.39 and a two-hundred day moving average price of $3.35. The firm has a market capitalization of $657.50 million, a price-to-earnings ratio of -3.44 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.24). The business had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. As a group, research analysts forecast that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Greenwich Wealth Management LLC boosted its holdings in shares of Prime Medicine by 2.4% in the 2nd quarter. Greenwich Wealth Management LLC now owns 768,001 shares of the company’s stock valued at $2,834,000 after buying an additional 18,000 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Prime Medicine by 15.5% during the second quarter. Arizona State Retirement System now owns 28,646 shares of the company’s stock worth $106,000 after buying an additional 3,855 shares in the last quarter. Syon Capital LLC bought a new position in shares of Prime Medicine during the second quarter valued at $41,000. Concurrent Investment Advisors LLC raised its position in shares of Prime Medicine by 77.6% during the second quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock worth $486,000 after acquiring an additional 57,545 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Prime Medicine during the second quarter valued at about $1,123,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.