Prime Medicine (NYSE:PRME) Stock Price Down 7.2% – Here’s Why

Prime Medicine, Inc. (NYSE:PRME)’s share price fell 7.2% during trading on Monday . The stock traded as low as $3.52 and last traded at $3.5450. 1,344,568 shares changed hands during trading, a decline of 54% from the average session volume of 2,896,184 shares. The stock had previously closed at $3.82.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRME. Chardan Capital lowered their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Citigroup lowered their target price on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Finally, Wedbush reiterated an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a research report on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.21.

Prime Medicine Price Performance

The stock has a 50 day moving average price of $4.86 and a two-hundred day moving average price of $3.70. The company has a market capitalization of $643.52 million, a price-to-earnings ratio of -1.74 and a beta of 2.64.

Hedge Funds Weigh In On Prime Medicine

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

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.