Prime Medicine (NYSE:PRME) Stock Price Down 2.5%

Prime Medicine, Inc. (NYSE:PRME)’s stock price fell 2.5% during trading on Monday . The company traded as low as $5.40 and last traded at $5.45. 100,000 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 696,725 shares. The stock had previously closed at $5.59.

Analysts Set New Price Targets

A number of analysts recently commented on PRME shares. Guggenheim decreased their target price on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Wedbush reissued an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a report on Tuesday, April 23rd. Stifel Nicolaus cut Prime Medicine from a “buy” rating to a “hold” rating and cut their target price for the company from $18.00 to $9.00 in a research report on Tuesday, January 16th. Chardan Capital initiated coverage on Prime Medicine in a research note on Monday, April 22nd. They set a “buy” rating and a $17.00 price objective on the stock. Finally, TD Cowen began coverage on shares of Prime Medicine in a research note on Monday, April 8th. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Prime Medicine Price Performance

The firm has a fifty day simple moving average of $6.56 and a two-hundred day simple moving average of $7.23. The firm has a market capitalization of $648.16 million, a P/E ratio of -2.49 and a beta of 2.07.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, research analysts anticipate that Prime Medicine, Inc. will post -1.8 EPS for the current year.

Insiders Place Their Bets

In other Prime Medicine news, Director Robert Nelsen acquired 3,200,000 shares of Prime Medicine stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the purchase, the director now owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRME. Chelsea Counsel Co. increased its holdings in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares during the period. SG Americas Securities LLC purchased a new position in shares of Prime Medicine during the fourth quarter worth approximately $90,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Prime Medicine during the fourth quarter valued at approximately $100,000. Strs Ohio bought a new stake in Prime Medicine in the fourth quarter valued at $151,000. Finally, Levin Capital Strategies L.P. purchased a new position in Prime Medicine during the 4th quarter valued at $177,000. Institutional investors own 70.37% of the company’s stock.

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.