Prime Medicine (NASDAQ:PRME) Trading Down 7.3% – Should You Sell?

Prime Medicine, Inc. (NASDAQ:PRME) shares were down 7.3% during mid-day trading on Friday . The stock traded as low as $3.36 and last traded at $3.3730. Approximately 503,228 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 2,908,434 shares. The stock had previously closed at $3.64.

Wall Street Analysts Forecast Growth

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

Prime Medicine Price Performance

The company’s 50 day simple moving average is $3.79 and its 200 day simple moving average is $4.20. The company has a market capitalization of $610.27 million, a PE ratio of -2.50 and a beta of 2.56.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its position in shares of Prime Medicine by 10,557.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 121,391 shares of the company’s stock valued at $421,000 after purchasing an additional 120,252 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine during the fourth quarter worth approximately $134,000. Chelsea Counsel Co. increased its position in Prime Medicine by 9.0% during the fourth quarter. Chelsea Counsel Co. now owns 227,000 shares of the company’s stock worth $788,000 after buying an additional 18,790 shares during the period. Virtu Financial LLC lifted its stake in Prime Medicine by 701.2% in the fourth quarter. Virtu Financial LLC now owns 94,778 shares of the company’s stock valued at $329,000 after buying an additional 82,948 shares during the last quarter. Finally, XTX Topco Ltd raised its position in Prime Medicine by 51.2% in the 4th quarter. XTX Topco Ltd now owns 72,935 shares of the company’s stock valued at $253,000 after purchasing an additional 24,710 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.