Prime Medicine (NYSE:PRME) Shares Down 5.3%

Prime Medicine, Inc. (NYSE:PRME)’s share price fell 5.3% during trading on Friday . The stock traded as low as $6.43 and last traded at $6.49. 67,811 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 327,040 shares. The stock had previously closed at $6.85.

Analyst Upgrades and Downgrades

Several brokerages have commented on PRME. Morgan Stanley cut their price objective on Prime Medicine from $21.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Monday, August 14th. BMO Capital Markets began coverage on Prime Medicine in a research report on Monday, October 9th. They set an “outperform” rating and a $19.00 price target on the stock. Jonestrading began coverage on Prime Medicine in a research report on Wednesday, September 6th. They set a “buy” rating and a $20.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on Prime Medicine from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 7th. Finally, Guggenheim assumed coverage on Prime Medicine in a research report on Monday, July 31st. They set a “buy” rating and a $24.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Prime Medicine Stock Down 0.6 %

The business’s 50 day moving average price is $9.04. The firm has a market cap of $662.29 million and a P/E ratio of -3.37.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRME. Metropolitan Life Insurance Co NY raised its stake in shares of Prime Medicine by 206.8% in the second quarter. Metropolitan Life Insurance Co NY now owns 2,203 shares of the company’s stock worth $32,000 after purchasing an additional 1,485 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in Prime Medicine by 293.1% during the second quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock worth $48,000 after acquiring an additional 2,436 shares during the period. Royal Bank of Canada grew its holdings in Prime Medicine by 506.6% during the second quarter. Royal Bank of Canada now owns 3,579 shares of the company’s stock worth $53,000 after acquiring an additional 2,989 shares during the period. Barclays PLC grew its holdings in Prime Medicine by 47.7% during the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after acquiring an additional 2,543 shares during the period. Finally, Penserra Capital Management LLC grew its holdings in Prime Medicine by 15.8% during the second quarter. Penserra Capital Management LLC now owns 8,107 shares of the company’s stock worth $118,000 after acquiring an additional 1,107 shares during the period. 47.41% of the stock is currently owned by hedge funds and other institutional investors.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address 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.