Prime Medicine (NYSE:PRME) Hits New 12-Month Low at $3.99

Prime Medicine, Inc. (NYSE:PRME) shares reached a new 52-week low on Monday . The company traded as low as $3.99 and last traded at $4.17, with a volume of 234858 shares trading hands. The stock had previously closed at $4.20.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRME. Chardan Capital began coverage on Prime Medicine in a research note on Monday, April 22nd. They issued a “buy” rating and a $17.00 price objective for the company. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Citigroup raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a report on Thursday, May 16th. Jefferies Financial Group restated a “buy” rating and set a $15.00 price target (down previously from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and an average price target of $15.09.

Prime Medicine Stock Down 1.7 %

The business has a 50 day moving average price of $5.82 and a 200 day moving average price of $6.40. The stock has a market cap of $495.73 million, a P/E ratio of -1.94 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, research analysts expect that Prime Medicine, Inc. will post -1.64 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

A number of large investors have recently modified their holdings of PRME. SG Americas Securities LLC purchased a new stake in shares of Prime Medicine in the 4th quarter worth $90,000. Strs Ohio bought a new stake in shares of Prime Medicine in the fourth quarter valued at about $151,000. Greenwich Wealth Management LLC lifted its stake in Prime Medicine by 16.9% in the fourth quarter. Greenwich Wealth Management LLC now owns 513,001 shares of the company’s stock worth $4,545,000 after acquiring an additional 73,980 shares during the period. Levin Capital Strategies L.P. bought a new position in Prime Medicine during the 4th quarter worth about $177,000. Finally, Vestmark Advisory Solutions Inc. purchased a new position in Prime Medicine during the 4th quarter valued at about $1,278,000. Hedge funds and other institutional investors 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.