Prime Medicine (NASDAQ:PRME) Trading Down 5.1% – What’s Next?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) fell 5.1% on Monday . The stock traded as low as $3.69 and last traded at $3.6720. 541,897 shares traded hands during trading, a decline of 81% from the average session volume of 2,794,479 shares. The stock had previously closed at $3.87.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRME. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research report on Monday, June 22nd. Oppenheimer initiated coverage on shares of Prime Medicine in a report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price objective for the company. New Street Research set a $8.00 target price on shares of Prime Medicine in a research report on Monday, June 29th. Finally, Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Stock Performance

The company has a market capitalization of $720.67 million, a price-to-earnings ratio of -3.24 and a beta of 2.26. The firm has a fifty day moving average price of $3.26 and a 200-day moving average price of $3.57.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The company had revenue of $0.86 million during the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. On average, sell-side analysts forecast that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in 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 acquiring an additional 6,345 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Prime Medicine during the fourth quarter worth $31,000. Royal Bank of Canada lifted its stake in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after purchasing an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Prime Medicine in the 4th quarter valued at $33,000. Finally, Glen Eagle Advisors LLC acquired a new stake in shares of Prime Medicine in the 4th quarter valued at $35,000. Institutional investors own 70.37% of the company’s stock.

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.