Prime Medicine (NASDAQ:PRME) Stock Price Down 5.1% – Here’s Why

Prime Medicine, Inc. (NASDAQ:PRME) dropped 5.1% on Monday . The company traded as low as $3.69 and last traded at $3.6720. Approximately 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.

Analysts Set New Price Targets

Several research firms recently issued reports on PRME. HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a research note on Monday, June 29th. Oppenheimer assumed coverage on shares of Prime Medicine in a report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target for the company. The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. One 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Stock Performance

The stock’s fifty day moving average price is $3.25 and its 200-day moving average price is $3.57. The firm has a market cap of $708.93 million, a PE ratio of -3.19 and a beta of 2.26.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in shares of Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after purchasing an additional 227,749 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Prime Medicine during the 1st quarter worth approximately $101,000. Rhumbline Advisers raised its holdings in Prime Medicine by 13.8% in the first quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after buying an additional 9,944 shares during the period. Creative Planning acquired a new position in Prime Medicine during the second quarter valued at approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Prime Medicine by 253.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock valued at $296,000 after buying an additional 85,938 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.