Prime Medicine (NASDAQ:PRME) Trading Down 10.2% – Should You Sell?

Prime Medicine, Inc. (NASDAQ:PRME) was down 10.2% during mid-day trading on Friday . The company traded as low as $3.12 and last traded at $3.1150. Approximately 842,952 shares were traded during trading, a decline of 68% from the average daily volume of 2,665,904 shares. The stock had previously closed at $3.47.

Analyst Ratings Changes

A number of analysts have recently issued reports on PRME shares. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Oppenheimer began coverage on shares of Prime Medicine in a report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.65.

Prime Medicine Trading Down 11.8%

The company’s fifty day moving average is $3.38 and its two-hundred day moving average is $3.65. The stock has a market cap of $552.70 million, a price-to-earnings ratio of -2.49 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The company had revenue of $0.86 million during the quarter. Analysts predict that Prime Medicine, Inc. will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the business. Alphabet Inc. boosted its position in Prime Medicine by 10.0% in the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock valued at $91,756,000 after buying an additional 1,500,000 shares during the period. ARK Investment Management LLC raised its stake in shares of Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after acquiring an additional 3,155,182 shares in the last quarter. State Street Corp raised its stake in shares of Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after acquiring an additional 3,798,884 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Prime Medicine by 35.7% in the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after acquiring an additional 1,294,355 shares in the last quarter. Finally, Farallon Capital Management LLC raised its stake in shares of Prime Medicine by 533.3% in 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 in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.