Prime Medicine (NASDAQ:PRME) Trading Down 6.9% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME)’s share price traded down 6.9% during mid-day trading on Thursday . The stock traded as low as $3.36 and last traded at $3.2950. Approximately 449,829 shares were traded during mid-day trading, a decline of 85% from the average session volume of 2,902,812 shares. The stock had previously closed at $3.54.

Analyst Ratings Changes

Several equities research analysts recently commented on PRME shares. Wall Street Zen upgraded shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. TD Cowen restated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. New Street Research set a $8.00 price target on shares of Prime Medicine in a report on Monday, June 29th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. One 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.69.

Prime Medicine Price Performance

The stock has a 50-day moving average price of $3.29 and a 200-day moving average price of $3.43. The company has a market capitalization of $610.34 million, a P/E ratio of -3.17 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last announced its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The business had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. Sell-side analysts anticipate that Prime Medicine, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Institutional investors have recently modified their holdings of the company. Creative Planning bought a new stake in shares of Prime Medicine in the 2nd quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Prime Medicine during the fourth quarter worth $31,000. Royal Bank of Canada raised 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 buying an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine in the fourth quarter valued at $33,000. Finally, Glen Eagle Advisors LLC acquired a new position in Prime Medicine in the fourth quarter valued at $35,000. 70.37% of the stock is owned by institutional investors.

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.