Prime Medicine (NYSE:PRME) Hits New 52-Week Low at $4.32

Prime Medicine, Inc. (NYSE:PRME)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $4.32 and last traded at $4.50, with a volume of 130514 shares. The stock had previously closed at $4.70.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRME. TD Cowen began coverage on shares of Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating on the stock. Wedbush reissued an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Tuesday. Chardan Capital started coverage on shares of Prime Medicine in a report on Monday, April 22nd. They set a “buy” rating and a $17.00 target price on the stock. Guggenheim reduced their target price on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Finally, Stifel Nicolaus lowered shares of Prime Medicine from a “buy” rating to a “hold” rating and reduced their target price for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Prime Medicine Price Performance

The business’s fifty day simple moving average is $6.87 and its 200-day simple moving average is $7.30.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). On average, equities analysts expect that Prime Medicine, Inc. will post -1.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert Nelsen purchased 3,200,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the acquisition, the director now directly owns 3,200,000 shares in the company, valued at $20,000,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 24.29% of the company’s stock.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in Prime Medicine by 22.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,016 shares of the company’s stock worth $220,000 after buying an additional 4,145 shares in the last quarter. Green Alpha Advisors LLC raised its stake in Prime Medicine by 14.2% in the first quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock worth $236,000 after buying an additional 4,200 shares in the last quarter. Chelsea Counsel Co. raised its stake in 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 in the last quarter. Oppenheimer & Co. Inc. raised its stake in Prime Medicine by 40.0% in the third quarter. Oppenheimer & Co. Inc. now owns 21,537 shares of the company’s stock worth $205,000 after buying an additional 6,152 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Prime Medicine in the fourth quarter worth about $90,000. 70.37% of the stock is owned by institutional investors.

About Prime Medicine

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.