Prime Medicine (NYSE:PRME) Trading Down 3.3% – Here’s What Happened

Prime Medicine, Inc. (NYSE:PRME) shares dropped 3.3% during mid-day trading on Wednesday . The stock traded as low as $3.33 and last traded at $3.3250. Approximately 345,257 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,968,310 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Citigroup cut their price target on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Wedbush reissued an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, November 10th. Chardan Capital dropped their price objective on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Finally, Lifesci Capital initiated coverage on Prime Medicine in a report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and an average target price of $7.21.

Prime Medicine Stock Performance

The company has a 50-day moving average price of $3.97 and a 200-day moving average price of $4.07. The firm has a market capitalization of $610.49 million, a P/E ratio of -1.64 and a beta of 2.69.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Creative Planning bought a new position in Prime Medicine during the 2nd quarter worth approximately $25,000. Freedom Investment Management Inc. acquired a new stake in Prime Medicine in the second quarter worth $26,000. R Squared Ltd bought a new position in shares of Prime Medicine during the second quarter worth $31,000. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Prime Medicine in the 2nd quarter valued at $33,000. Finally, Savant Capital LLC acquired a new position in shares of Prime Medicine in the second quarter valued at approximately $37,000. 70.37% of the stock is owned by institutional investors.

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.