Prime Medicine (NYSE:PRME) Trading Down 6.1% – Should You Sell?

Prime Medicine, Inc. (NYSE:PRME) shares dropped 6.1% on Tuesday . The stock traded as low as $3.59 and last traded at $3.5880. Approximately 1,526,429 shares traded hands during trading, a decline of 47% from the average daily volume of 2,872,980 shares. The stock had previously closed at $3.82.

Analyst Ratings Changes

A number of analysts have issued reports on PRME shares. Citigroup reduced their price target 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. Chardan Capital cut their price objective on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Prime Medicine in a report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average price target of $9.21.

Prime Medicine Price Performance

The company has a 50-day moving average of $4.98 and a 200 day moving average of $3.54. The company has a market cap of $650.74 million, a PE ratio of -1.76 and a beta of 2.64.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Farallon Capital Management LLC increased its position in Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after acquiring an additional 4,000,000 shares during the last quarter. ARK Investment Management LLC boosted its stake in shares of Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares during the period. Woodline Partners LP bought a new position in Prime Medicine during the 3rd quarter valued at about $16,634,000. RA Capital Management L.P. bought a new stake in Prime Medicine in the third quarter worth about $16,620,000. Finally, Amova Asset Management Americas Inc. boosted its position in shares of Prime Medicine by 128.4% during the third quarter. Amova Asset Management Americas Inc. now owns 3,629,924 shares of the company’s stock valued at $20,037,000 after buying an additional 2,040,807 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.