Prime Medicine (NASDAQ:PRME) Trading Down 3.8% – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME)’s share price fell 3.8% during mid-day trading on Wednesday . The stock traded as low as $3.52 and last traded at $3.55. 891,665 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 2,976,632 shares. The stock had previously closed at $3.69.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a report on Monday. Wall Street Zen cut Prime Medicine from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy”.

Prime Medicine Trading Down 3.8%

The firm has a 50-day moving average price of $4.21. The stock has a market cap of $640.81 million, a price-to-earnings ratio of -2.47 and a beta of 2.69.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The firm had revenue of $1.23 million during the quarter. Prime Medicine had a negative net margin of 3,301.64% and a negative return on equity of 163.51%.

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.