Prime Medicine (NYSE:PRME) Trading Down 5.7% – What’s Next?

Prime Medicine, Inc. (NYSE:PRME) dropped 5.7% during trading on Thursday . The stock traded as low as $4.11 and last traded at $4.0650. Approximately 285,311 shares were traded during trading, a decline of 91% from the average daily volume of 3,153,256 shares. The stock had previously closed at $4.31.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PRME. Wedbush reaffirmed an “outperform” rating and set a $8.00 price objective on shares of Prime Medicine in a report on Monday, November 10th. 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 price objective for the company. Chardan Capital cut their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Finally, Citigroup reduced their target price on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $7.21.

Prime Medicine Stock Performance

The firm has a market capitalization of $719.34 million, a P/E ratio of -1.95 and a beta of 2.71. The stock has a 50 day moving average of $3.76 and a 200-day moving average of $4.20.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted 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 worth $38,000 after buying an additional 6,345 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in Prime Medicine during the 3rd quarter worth approximately $49,000. Sterling Investment Advisors Ltd. purchased a new stake in Prime Medicine in the 3rd quarter worth approximately $55,000. Creative Planning bought a new position in Prime Medicine in the 2nd quarter valued at $25,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Prime Medicine during the 3rd quarter valued at $56,000. 70.37% of the stock is currently 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.