Prime Medicine (NASDAQ:PRME) Trading Down 6.4% – Time to Sell?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) traded down 6.4% during mid-day trading on Friday . The company traded as low as $3.31 and last traded at $3.2850. 556,887 shares were traded during trading, a decline of 80% from the average session volume of 2,830,845 shares. The stock had previously closed at $3.51.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prime Medicine in a research report on Monday, December 29th. Wall Street Zen lowered shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.38.

Prime Medicine Stock Down 2.3%

The company’s fifty day moving average is $3.64 and its two-hundred day moving average is $4.12. The firm has a market capitalization of $619.29 million, a price-to-earnings ratio of -2.54 and a beta of 2.65.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently bought and sold shares of the company. Alphabet Inc. raised its holdings in Prime Medicine by 10.0% in the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after purchasing an additional 1,500,000 shares during the period. ARK Investment Management LLC raised its holdings in Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares during the period. Farallon Capital Management LLC raised its holdings in Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after purchasing an additional 4,000,000 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in Prime Medicine by 127.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock worth $20,110,000 after purchasing an additional 2,035,406 shares during the period. Finally, Casdin Capital LLC raised its holdings in Prime Medicine by 102.1% in the third quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock worth $17,546,000 after purchasing an additional 1,600,000 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.