Prime Medicine (NASDAQ:PRME) Trading Down 10.2% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME) was down 10.2% during trading on Friday . The stock traded as low as $3.12 and last traded at $3.1150. Approximately 842,952 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 2,665,904 shares. The stock had previously closed at $3.47.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PRME shares. Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. Wall Street Zen cut Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday. Finally, Oppenheimer assumed coverage on Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.65.

Prime Medicine Price Performance

The business has a 50 day moving average of $3.39 and a 200 day moving average of $3.65. The firm has a market capitalization of $540.96 million, a price-to-earnings ratio of -2.44 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The company had revenue of $0.86 million for the quarter. As a group, equities analysts predict that Prime Medicine, Inc. will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors have recently made changes to their positions in the stock. Shelton Wealth Management LLC grew its stake in Prime Medicine by 15.8% in the fourth quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock valued at $70,000 after acquiring an additional 2,734 shares during the period. Sterling Investment Advisors Ltd. lifted its holdings in shares of Prime Medicine by 34.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock valued at $46,000 after purchasing an additional 3,400 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Prime Medicine by 10.5% in the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock valued at $219,000 after purchasing an additional 3,775 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Prime Medicine by 16.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock valued at $170,000 after purchasing an additional 4,280 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after purchasing an additional 4,365 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

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.