Prime Medicine (NYSE:PRME) Trading Down 4.2% – Here’s Why

Shares of Prime Medicine, Inc. (NYSE:PRME) were down 4.2% during mid-day trading on Wednesday . The stock traded as low as $3.54 and last traded at $3.5350. Approximately 465,606 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 2,975,084 shares. The stock had previously closed at $3.69.

Analyst Ratings Changes

A number of equities analysts have commented on PRME shares. Chardan Capital reduced their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, November 10th. Lifesci Capital started coverage on Prime Medicine in a research report on Tuesday. They set an “outperform” rating and a $6.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, November 10th. Finally, Citigroup lowered their target price on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.21.

Prime Medicine Price Performance

The stock has a market cap of $653.45 million, a price-to-earnings ratio of -1.77 and a beta of 2.70. The firm has a fifty day moving average of $4.11 and a 200 day moving average of $4.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning purchased a new stake in shares of Prime Medicine in the second quarter valued at about $25,000. Freedom Investment Management Inc. acquired a new position in Prime Medicine in the 2nd quarter valued at about $26,000. R Squared Ltd purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $31,000. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of Prime Medicine during the 2nd quarter worth approximately $33,000. Finally, Savant Capital LLC purchased a new stake in shares of Prime Medicine during the 2nd quarter valued at approximately $37,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.