Prime Medicine (NYSE:PRME) Shares Down 7.2% – Time to Sell?

Prime Medicine, Inc. (NYSE:PRME) shares traded down 7.2% on Monday . The stock traded as low as $3.52 and last traded at $3.5450. 1,344,568 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 2,896,184 shares. The stock had previously closed at $3.82.

Analysts Set New Price Targets

PRME has been the topic of a number of research reports. Wedbush reaffirmed an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a research report on Monday, November 10th. Chardan Capital decreased their price target on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Finally, Citigroup cut their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.45.

Prime Medicine Stock Performance

The firm has a market capitalization of $652.55 million, a price-to-earnings ratio of -1.76 and a beta of 2.70. The firm’s 50-day moving average price is $4.78 and its two-hundred day moving average price is $3.73.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of PRME. Keystone Financial Group bought a new stake in Prime Medicine in the third quarter valued at $393,000. Woodline Partners LP acquired a new stake in shares of Prime Medicine in the 3rd quarter valued at $16,634,000. Polymer Capital Management US LLC bought a new stake in shares of Prime Medicine in the 3rd quarter worth about $115,000. RA Capital Management L.P. acquired a new stake in shares of Prime Medicine during the 3rd quarter worth about $16,620,000. Finally, Nomura Holdings Inc. bought a new position in Prime Medicine during the 3rd quarter valued at about $138,000. 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.