Prime Medicine (NYSE:PRME) Shares Gap Down on Analyst Downgrade

Prime Medicine, Inc. (NYSE:PRME) gapped down before the market opened on Wednesday after Chardan Capital lowered their price target on the stock from $17.00 to $15.00. The stock had previously closed at $4.32, but opened at $4.03. Chardan Capital currently has a buy rating on the stock. Prime Medicine shares last traded at $4.25, with a volume of 202,459 shares.

PRME has been the subject of several other research reports. StockNews.com raised Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a report on Wednesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently modified their holdings of the stock. ProShare Advisors LLC raised its holdings in shares of Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after buying an additional 2,520 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of Prime Medicine by 6.5% in the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after buying an additional 3,895 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Prime Medicine in the 2nd quarter worth approximately $29,000. National Bank of Canada FI bought a new stake in Prime Medicine during the 2nd quarter worth approximately $34,000. Finally, Levin Capital Strategies L.P. grew its position in Prime Medicine by 32.5% during the 1st quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after acquiring an additional 6,500 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Performance

The firm has a market capitalization of $431.51 million, a P/E ratio of -1.75 and a beta of 2.09. The stock has a 50-day moving average of $3.88 and a 200 day moving average of $5.03.

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.