Prime Medicine (NASDAQ:PRME) Stock Price Down 6.7% – Should You Sell?

Prime Medicine, Inc. (NASDAQ:PRME) shares traded down 6.7% during trading on Monday. The company traded as low as $4.27 and last traded at $4.34. Approximately 530,106 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 3,282,958 shares. The stock had previously closed at $4.65.

Analyst Upgrades and Downgrades

PRME has been the topic of several research analyst reports. Jefferies Financial Group reissued a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. BMO Capital Markets assumed coverage on Prime Medicine in a report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and issued a $7.00 target price on shares of Prime Medicine in a research report on Friday, September 25th. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Friday, September 25th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.86.

Prime Medicine Price Performance

The company has a market cap of $707.38 million, a P/E ratio of -3.68 and a beta of 2.14. The stock has a 50-day moving average of $3.67 and a 200 day moving average of $3.51.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently bought and sold shares of the company. Alphabet Inc. bought a new stake in shares of Prime Medicine during the 2nd quarter worth approximately $61,116,000. BlackRock Inc. bought a new position in Prime Medicine in the second quarter valued at approximately $35,432,000. ADAR1 Capital Management LLC bought a new position in Prime Medicine in the second quarter valued at approximately $7,371,000. Redmile Group LLC acquired a new position in Prime Medicine during the first quarter valued at approximately $5,536,000. Finally, Bank of America Corp DE acquired a new position in Prime Medicine during the second quarter valued at approximately $3,621,000. 70.37% of the stock is owned by institutional investors.

About Prime Medicine

Prime Medicine is a biotechnology company developing genetic therapies for diseases caused by genetic mutations. Its research focuses on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company is working to apply its platform to potential treatments for a range of serious conditions. Its programs are in development, and Prime Medicine does not currently market approved therapies. Founded in 2019, Prime Medicine is based in Cambridge, Massachusetts.