Prime Medicine (NYSE:PRME) Shares Gap Down on Analyst Downgrade

Prime Medicine, Inc. (NYSE:PRME) gapped down before the market opened on Wednesday after Chardan Capital lowered their price target on the stock from $17.00 to $15.00. The stock had previously closed at $4.32, but opened at $4.03. Chardan Capital currently has a buy rating on the stock. Prime Medicine shares last traded at $4.25, with a volume of 202,459 shares trading hands.

Several other research firms have also commented on PRME. Wedbush reaffirmed an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Thursday, August 8th. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and an average target price of $13.25.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors have recently added to or reduced their stakes in PRME. Paloma Partners Management Co acquired a new position in Prime Medicine during the third quarter worth $45,000. Verition Fund Management LLC purchased a new stake in shares of Prime Medicine during the third quarter worth about $149,000. Vestal Point Capital LP raised its position in shares of Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after purchasing an additional 620,000 shares during the last quarter. Walleye Capital LLC purchased a new position in Prime Medicine in the 3rd quarter valued at about $419,000. Finally, PEAK6 Investments LLC boosted its holdings in Prime Medicine by 32.4% in the 3rd quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock worth $174,000 after buying an additional 11,013 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Stock Performance

The company has a 50 day simple moving average of $3.88 and a 200 day simple moving average of $5.03. The company has a market capitalization of $431.51 million, a PE ratio of -1.75 and a beta of 2.09.

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.