Prime Medicine (NASDAQ:PRME) Shares Down 6.3% – What’s Next?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) traded down 6.3% during mid-day trading on Wednesday . The stock traded as low as $3.76 and last traded at $3.7940. 982,980 shares were traded during trading, a decline of 68% from the average session volume of 3,036,789 shares. The stock had previously closed at $4.05.

Wall Street Analysts Forecast Growth

PRME has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a research note on Monday, December 29th. Oppenheimer began coverage on Prime Medicine in a report on Thursday. They issued an “outperform” rating and a $11.00 target price on the stock. Finally, Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.75.

Prime Medicine Stock Performance

The company has a 50 day moving average of $3.87. The stock has a market cap of $659.01 million, a PE ratio of -2.70 and a beta of 2.56.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alphabet Inc. increased its holdings 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 worth $91,756,000 after purchasing an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after purchasing an additional 3,155,182 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Prime Medicine by 127.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock valued at $20,110,000 after purchasing an additional 2,035,406 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Prime Medicine by 1,463.0% during the third quarter. HighTower Advisors LLC now owns 333,755 shares of the company’s stock valued at $1,849,000 after buying an additional 312,401 shares during the last quarter. Finally, DNB Asset Management AS purchased a new stake in shares of Prime Medicine during the third quarter valued at $1,009,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Company Profile

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.