Prime Medicine (NYSE:PRME) Stock Price Down 2.5%

Shares of Prime Medicine, Inc. (NYSE:PRME) fell 2.5% during mid-day trading on Monday . The company traded as low as $5.40 and last traded at $5.45. 100,000 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 696,725 shares. The stock had previously closed at $5.59.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PRME shares. Guggenheim dropped their price target on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. Chardan Capital began coverage on shares of Prime Medicine in a report on Monday, April 22nd. They issued a “buy” rating and a $17.00 target price for the company. Stifel Nicolaus lowered shares of Prime Medicine from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 price objective (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday. Finally, Wedbush reiterated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.70.

Prime Medicine Price Performance

The firm has a market capitalization of $643.36 million, a PE ratio of -2.47 and a beta of 2.07. The company’s fifty day simple moving average is $6.34 and its 200-day simple moving average is $7.19.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). Analysts forecast 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 company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the purchase, the director now directly owns 3,200,000 shares in the company, valued at approximately $20,000,000. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRME. Chelsea Counsel Co. increased 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 acquiring an additional 4,400 shares during the period. SG Americas Securities LLC purchased a new position in Prime Medicine in the fourth quarter valued at $90,000. China Universal Asset Management Co. Ltd. purchased a new position in Prime Medicine in the fourth quarter valued at $100,000. ProShare Advisors LLC increased its holdings in Prime Medicine by 19.8% in the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after buying an additional 2,520 shares during the last quarter. Finally, Strs Ohio purchased a new position in Prime Medicine in the fourth quarter valued at $151,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.