Prime Medicine (NYSE:PRME) Trading Down 4.6% – Time to Sell?

Prime Medicine, Inc. (NYSE:PRME) traded down 4.6% on Tuesday . The company traded as low as $4.07 and last traded at $4.17. 325,790 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 978,204 shares. The stock had previously closed at $4.37.

Analysts Set New Price Targets

PRME has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, October 2nd. Wedbush reaffirmed an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

Prime Medicine Stock Performance

The stock has a 50 day simple moving average of $3.93 and a 200-day simple moving average of $5.16.

Prime Medicine (NYSE:PRME) last announced its earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, equities research analysts anticipate that Prime Medicine, Inc. will post -1.75 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently bought and sold shares of PRME. ORG Partners LLC bought a new position in Prime Medicine in the 2nd quarter worth $29,000. National Bank of Canada FI bought a new position in shares of Prime Medicine in the second quarter worth about $34,000. Nisa Investment Advisors LLC grew its position in shares of Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock worth $40,000 after purchasing an additional 7,702 shares in the last quarter. ProShare Advisors LLC raised its stake in Prime Medicine by 19.8% during the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Prime Medicine in the 2nd quarter worth approximately $97,000. 70.37% of the stock is currently owned by hedge funds and other 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.