Prime Medicine (NASDAQ:PRME) Stock Price Down 5.6% – Here’s Why

Prime Medicine, Inc. (NASDAQ:PRME)’s share price fell 5.6% during trading on Monday . The company traded as low as $4.15 and last traded at $4.18. 759,955 shares changed hands during trading, a decline of 77% from the average session volume of 3,331,140 shares. The stock had previously closed at $4.43.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRME. Wall Street Zen cut Prime Medicine from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Prime Medicine in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Prime Medicine Trading Down 5.6%

The stock has a market cap of $754.54 million, a price-to-earnings ratio of -2.90 and a beta of 2.71. The stock’s 50-day simple moving average is $3.83.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The firm had revenue of $1.23 million during the quarter. Prime Medicine had a negative return on equity of 163.51% and a negative net margin of 3,301.64%.

About Prime Medicine

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.