Prime Medicine (NYSE:PRME) Trading Down 4.2% – Time to Sell?

Shares of Prime Medicine, Inc. (NYSE:PRME) fell 4.2% during mid-day trading on Wednesday . The stock traded as low as $3.54 and last traded at $3.5350. 465,606 shares traded hands during trading, a decline of 84% from the average session volume of 2,975,084 shares. The stock had previously closed at $3.69.

Wall Street Analyst Weigh In

PRME has been the subject of a number of analyst reports. Wedbush reaffirmed an “outperform” rating and set a $8.00 price objective on shares of Prime Medicine in a research report on Monday, November 10th. Chardan Capital reduced their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, November 10th. Lifesci Capital started coverage on shares of Prime Medicine in a research note on Tuesday. They issued an “outperform” rating and a $6.00 price target on the stock. Finally, 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 research report on Tuesday, November 11th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.21.

Prime Medicine Price Performance

The stock’s 50-day moving average is $4.21 and its two-hundred day moving average is $4.00. The company has a market cap of $639.91 million, a P/E ratio of -1.72 and a beta of 2.70.

Institutional Trading of Prime Medicine

Several large investors have recently modified their holdings of the company. Creative Planning purchased a new stake in Prime Medicine during the second quarter valued at $25,000. Freedom Investment Management Inc. bought a new stake in shares of Prime Medicine during the 2nd quarter valued at about $26,000. R Squared Ltd purchased a new stake in shares of Prime Medicine during the 2nd quarter valued at about $31,000. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Prime Medicine during the 2nd quarter valued at about $33,000. Finally, Savant Capital LLC bought a new position in shares of Prime Medicine in the 2nd quarter worth approximately $37,000. Institutional investors 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.