Prime Medicine (NYSE:PRME) Stock Price Down 6.9% – Time to Sell?

Prime Medicine, Inc. (NYSE:PRME)’s share price dropped 6.9% during mid-day trading on Wednesday . The stock traded as low as $3.76 and last traded at $3.77. Approximately 983,246 shares changed hands during trading, a decline of 68% from the average daily volume of 3,036,789 shares. The stock had previously closed at $4.05.

Analyst Upgrades and Downgrades

PRME has been the topic of several recent analyst reports. Citigroup reduced their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Lifesci Capital started coverage on shares of Prime Medicine in a research note on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 target price for the company. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $7.21.

Prime Medicine Stock Down 7.2%

The company has a market capitalization of $678.88 million, a P/E ratio of -1.83 and a beta of 2.55. The firm has a fifty day simple moving average of $3.85 and a 200-day simple moving average of $4.20.

Institutional Trading of Prime Medicine

Hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. boosted its holdings in shares of Prime Medicine by 1,316.4% in the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock valued at $38,000 after buying an additional 6,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Prime Medicine in the 4th quarter valued at $31,000. Jones Financial Companies Lllp bought a new stake in Prime Medicine in the 3rd quarter valued at $49,000. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine in the 4th quarter worth $33,000. Finally, Sterling Investment Advisors Ltd. bought a new position in Prime Medicine during the 3rd quarter worth about $55,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.