Prime Medicine (NYSE:PRME) Stock Price Down 5.5% – Should You Sell?

Shares of Prime Medicine, Inc. (NYSE:PRME) were down 5.5% during trading on Monday . The stock traded as low as $4.15 and last traded at $4.1850. Approximately 763,184 shares traded hands during trading, a decline of 77% from the average daily volume of 3,331,140 shares. The stock had previously closed at $4.43.

Wall Street Analyst Weigh In

A number of analysts recently commented on PRME shares. Chardan Capital lowered their price objective on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Lifesci Capital assumed coverage on shares of Prime Medicine in a research report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price target for the company. Citigroup cut their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Finally, Wedbush reaffirmed an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a report on Monday, November 10th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.21.

Prime Medicine Stock Performance

The stock has a market cap of $727.46 million, a price-to-earnings ratio of -1.97 and a beta of 2.71. The company has a 50-day simple moving average of $3.86 and a two-hundred day simple moving average of $4.23.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PRME. Russell Investments Group Ltd. lifted its holdings in shares of Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after buying an additional 6,345 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Prime Medicine during the fourth quarter worth about $31,000. Jones Financial Companies Lllp acquired a new stake in Prime Medicine in the 3rd quarter worth about $49,000. Sterling Investment Advisors Ltd. bought a new stake in Prime Medicine in the 3rd quarter valued at about $55,000. Finally, Creative Planning acquired a new position in shares of Prime Medicine during the 2nd quarter worth approximately $25,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.