Prime Medicine (NASDAQ:PRME) Trading Down 4.7% – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME) shares traded down 4.7% on Wednesday . The stock traded as low as $3.53 and last traded at $3.5350. Approximately 207,566 shares were traded during trading, a decline of 93% from the average session volume of 2,910,102 shares. The stock had previously closed at $3.71.

Wall Street Analyst Weigh In

PRME has been the topic of a number of analyst reports. BMO Capital Markets initiated coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price objective on the stock. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. New Street Research set a $8.00 target price on Prime Medicine in a research note on Monday, June 29th. Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Price Performance

The company has a market cap of $632.11 million, a PE ratio of -3.28 and a beta of 2.31. The business has a 50 day moving average of $3.34 and a 200 day moving average of $3.42.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Sell-side analysts forecast that Prime Medicine, Inc. will post -0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its stake in Prime Medicine by 570.2% in the second quarter. California State Teachers Retirement System now owns 579,511 shares of the company’s stock worth $2,138,000 after buying an additional 493,038 shares in the last quarter. Syon Capital LLC bought a new stake in Prime Medicine during the 2nd quarter valued at approximately $41,000. Concurrent Investment Advisors LLC boosted its position in Prime Medicine by 77.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock valued at $486,000 after acquiring an additional 57,545 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Prime Medicine during the 2nd quarter worth approximately $1,123,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Prime Medicine during the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.