Prime Medicine (NYSE:PRME) Stock Price Down 7%

Shares of Prime Medicine, Inc. (NYSE:PRME) fell 7% on Wednesday . The stock traded as low as $5.44 and last traded at $5.48. 267,442 shares changed hands during trading, a decline of 65% from the average session volume of 766,968 shares. The stock had previously closed at $5.89.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PRME shares. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Tuesday. Wedbush reiterated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price target on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. TD Cowen began coverage on shares of Prime Medicine in a research note on Monday, April 8th. They issued a “buy” rating on the stock. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 price target (down from $23.00) on shares of Prime Medicine in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $15.09.

Prime Medicine Stock Up 5.0 %

The stock’s fifty day simple moving average is $6.19 and its 200-day simple moving average is $7.08.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.01. The company had revenue of $0.59 million during the quarter. On average, equities analysts expect that Prime Medicine, Inc. will post -1.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PRME. ARK Investment Management LLC boosted its position in shares of Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Bollard Group LLC purchased a new position in Prime Medicine during the 4th quarter worth approximately $3,200,000. Vestmark Advisory Solutions Inc. purchased a new stake in shares of Prime Medicine in the fourth quarter valued at $1,278,000. Chelsea Counsel Co. boosted its position in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares during the period. Finally, Levin Capital Strategies L.P. acquired a new stake in Prime Medicine during the 4th quarter worth about $177,000. 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.