Prime Medicine (NASDAQ:PRME) Trading Down 10.2% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME)’s share price traded down 10.2% during trading on Friday . The stock traded as low as $3.12 and last traded at $3.1150. 842,952 shares were traded during trading, a decline of 68% from the average session volume of 2,665,904 shares. The stock had previously closed at $3.47.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Oppenheimer began coverage on Prime Medicine in a research report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday. Finally, Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.65.

Prime Medicine Stock Performance

The company has a 50-day simple moving average of $3.39 and a 200-day simple moving average of $3.65. The stock has a market cap of $540.96 million, a P/E ratio of -2.44 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The business had revenue of $0.86 million during the quarter. As a group, sell-side analysts expect that Prime Medicine, Inc. will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Alphabet Inc. increased 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 buying an additional 1,500,000 shares during the period. ARK Investment Management LLC increased its stake in shares of Prime Medicine by 135.8% in the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after buying an additional 3,155,182 shares during the period. State Street Corp increased its stake in shares of Prime Medicine by 293.0% in the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after buying an additional 3,798,884 shares during the period. Vanguard Group Inc. increased its stake in shares of Prime Medicine by 35.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after buying an additional 1,294,355 shares during the period. Finally, Farallon Capital Management LLC increased its stake in shares of Prime Medicine by 533.3% in the 3rd 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 owned by institutional investors and hedge funds.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.