Prime Medicine (NASDAQ:PRME) Stock Price Down 7.5% – Should You Sell?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) fell 7.5% on Wednesday . The company traded as low as $3.27 and last traded at $3.2750. Approximately 780,529 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 2,894,425 shares. The stock had previously closed at $3.54.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. New Street Research set a $8.00 target price on Prime Medicine in a report on Monday, June 29th. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a report on Monday, June 22nd. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. BMO Capital Markets began coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price target on the stock. Finally, TD Cowen restated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Stock Performance

The stock has a market capitalization of $575.88 million, a P/E ratio of -3.00 and a beta of 2.34. The business has a 50-day moving average price of $3.26 and a 200 day moving average price of $3.38.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The business had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. As a group, research analysts forecast that Prime Medicine, Inc. will post -0.96 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

Several institutional investors have recently bought and sold shares of PRME. Alphabet Inc. purchased a new stake in Prime Medicine during the 2nd quarter valued at $61,116,000. BlackRock Inc. purchased a new position in shares of Prime Medicine in the second quarter worth $35,432,000. ADAR1 Capital Management LLC bought a new position in shares of Prime Medicine during the second quarter valued at $7,371,000. MWG Caph Ltd bought a new position in shares of Prime Medicine during the fourth quarter valued at $6,219,000. Finally, Redmile Group LLC purchased a new stake in shares of Prime Medicine during the first quarter valued at $5,536,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.