Prime Medicine (NYSE:PRME) Reaches New 12-Month 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 traded. The stock had previously closed at $4.70.

Wall Street Analyst Weigh In

PRME has been the subject of a number of recent analyst reports. Guggenheim lowered their price target on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Wedbush reiterated an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a report on Tuesday. Stifel Nicolaus lowered Prime Medicine from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. TD Cowen initiated coverage on shares of Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating for the company. Finally, Chardan Capital started coverage on shares of Prime Medicine in a research note on Monday. They set a “buy” rating and a $17.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Prime Medicine Price Performance

The firm has a market cap of $519.69 million, a PE ratio of -2.00 and a beta of 1.80. The company’s 50 day moving average price is $7.02 and its 200 day moving average price is $7.35.

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

Insider Transactions at Prime Medicine

In other news, Director Robert Nelsen bought 3,200,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the completion of 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Prime Medicine by 22.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,016 shares of the company’s stock valued at $220,000 after acquiring an additional 4,145 shares during the period. Green Alpha Advisors LLC lifted its position in shares of Prime Medicine by 14.2% in the first quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock valued at $236,000 after buying an additional 4,200 shares during the last quarter. Chelsea Counsel Co. boosted its stake in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after acquiring an additional 4,400 shares during the period. Oppenheimer & Co. Inc. increased its holdings in shares of Prime Medicine by 40.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 21,537 shares of the company’s stock worth $205,000 after acquiring an additional 6,152 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Prime Medicine in the 4th quarter valued at $90,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.