Prime Medicine (NASDAQ:PRME) Stock Price Down 7.6% – Should You Sell?

Prime Medicine, Inc. (NASDAQ:PRME) dropped 7.6% during trading on Thursday. The company traded as low as $3.62 and last traded at $3.6050. 2,847,292 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 3,038,023 shares. The stock had previously closed at $3.90.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PRME shares. HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Prime Medicine in a research note on Monday, August 10th. Wall Street Zen cut shares of Prime Medicine from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a report on Friday, September 25th. BMO Capital Markets initiated coverage on Prime Medicine in a report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price target on the stock. Finally, Jefferies Financial Group reissued a “market outperform” rating on shares of Prime Medicine in a research note on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Performance

The firm has a market capitalization of $654.42 million, a PE ratio of -3.42 and a beta of 2.37. The company’s fifty day moving average price is $3.27 and its two-hundred day moving average price is $3.33.

Prime Medicine (NASDAQ:PRME) last issued its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. On average, equities analysts expect that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of PRME. Royal Bank of Canada lifted its position in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after buying an additional 4,365 shares in the last quarter. Glen Eagle Advisors LLC purchased a new position in shares of Prime Medicine in the 4th quarter valued at $35,000. Kingsview Wealth Management LLC acquired a new position in shares of Prime Medicine during the 2nd quarter valued at $37,000. Wealthfront Advisers LLC acquired a new position in shares of Prime Medicine during the 1st quarter valued at $36,000. Finally, Syon Capital LLC acquired a new stake in Prime Medicine in the 2nd quarter valued at $41,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc (NASDAQ:PRME) is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.