Prime Medicine (NYSE:PRME) Trading Down 4.6% - Time to Sell?

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) traded down 4.6% during trading on Tuesday . The company traded as low as $4.07 and last traded at $4.17. 325,790 shares changed hands during trading, a decline of 67% from the average session volume of 978,204 shares. The stock had previously closed at $4.37.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PRME shares. StockNews.com raised shares of Prime Medicine to a "sell" rating in a research note on Wednesday, August 7th. Wedbush reissued an "outperform" rating and issued a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th. Finally, HC Wainwright reissued a "buy" rating and issued a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.50.

Prime Medicine Stock Up 2.1 %

The stock has a market cap of $535.33 million, a price-to-earnings ratio of -2.06 and a beta of 2.18. The business's fifty day moving average is $3.94 and its two-hundred day moving average is $5.15.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.06). As a group, sell-side analysts expect that Prime Medicine, Inc. will post -1.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRME. Westwood Holdings Group Inc. acquired a new position in shares of Prime Medicine in the 1st quarter valued at $1,115,000. Vanguard Group Inc. boosted its holdings in shares of Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company's stock valued at $40,610,000 after buying an additional 1,746,534 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Prime Medicine by 13.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company's stock valued at $17,660,000 after buying an additional 301,431 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company's stock valued at $6,841,000 after buying an additional 895,610 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Prime Medicine in the 1st quarter valued at $148,000. Institutional investors and hedge funds 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.