Prime Medicine (NYSE:PRME) Stock Price Down 5.7%

Shares of Prime Medicine, Inc. (NYSE:PRME) were down 5.7% during trading on Thursday . The company traded as low as $4.65 and last traded at $4.65. Approximately 374,820 shares changed hands during trading, a decline of 43% from the average daily volume of 662,684 shares. The stock had previously closed at $4.93.

Analysts Set New Price Targets

A number of equities analysts have commented on PRME shares. TD Cowen assumed coverage on shares of Prime Medicine in a research note on Monday, April 8th. They set a “buy” rating on the stock. Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and reduced their price target for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. Guggenheim reduced their price target on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. Finally, Wedbush assumed coverage on shares of Prime Medicine in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $12.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus price target of $16.88.

Prime Medicine Stock Down 6.9 %

The stock has a market cap of $550.52 million, a price-to-earnings ratio of -2.12 and a beta of 1.80. The business’s fifty day moving average is $7.24 and its two-hundred day moving average is $7.50.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). As a group, sell-side analysts expect that Prime Medicine, Inc. will post -1.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert Nelsen purchased 3,200,000 shares of the stock in a transaction on Thursday, February 15th. The stock was bought at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the acquisition, the director now directly owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. ARK Investment Management LLC boosted its holdings in shares of Prime Medicine by 19.7% in the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after buying an additional 515,841 shares in the last quarter. Greenwich Wealth Management LLC raised its position in Prime Medicine by 111.1% in the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after purchasing an additional 231,021 shares during the last quarter. Barclays PLC raised its position in Prime Medicine by 726.8% in the 3rd quarter. Barclays PLC now owns 65,140 shares of the company’s stock valued at $621,000 after purchasing an additional 57,261 shares during the last quarter. Vanguard Group Inc. raised its position in Prime Medicine by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after purchasing an additional 617,310 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Prime Medicine by 296.8% during the 3rd quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock worth $536,000 after purchasing an additional 42,032 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.