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

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

Analyst Upgrades and Downgrades

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

Prime Medicine Price Performance

The firm’s fifty day moving average price is $7.15 and its 200-day moving average price is $7.45.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.08). Sell-side analysts expect that Prime Medicine, Inc. will post -1.8 earnings per share for the current fiscal year.

Insider Activity at Prime Medicine

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

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in PRME. Chelsea Counsel Co. boosted its position in shares of Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares during the period. Ameritas Investment Partners Inc. boosted its position in Prime Medicine by 293.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock worth $48,000 after acquiring an additional 2,436 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Prime Medicine by 506.6% during the 2nd quarter. Royal Bank of Canada now owns 3,579 shares of the company’s stock worth $53,000 after acquiring an additional 2,989 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $90,000. Finally, China Universal Asset Management Co. Ltd. bought a new stake in shares of Prime Medicine in the fourth quarter worth $100,000. Institutional investors 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.