Prime Medicine (NYSE:PRME) Shares Gap Down – Time to Sell?

Prime Medicine, Inc. (NYSE:PRME)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $4.32, but opened at $4.03. Prime Medicine shares last traded at $4.25, with a volume of 202,459 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday. Wedbush restated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Prime Medicine Stock Performance

The company has a market cap of $529.33 million, a PE ratio of -2.16 and a beta of 2.09. The stock’s 50 day moving average price is $3.88 and its 200-day moving average price is $5.04.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently modified their holdings of PRME. ProShare Advisors LLC lifted its position in Prime Medicine by 19.8% during the first 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 in the last quarter. Squarepoint Ops LLC boosted its holdings in Prime Medicine by 6.5% during the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock valued at $326,000 after acquiring an additional 3,895 shares during the period. ORG Partners LLC bought a new position in Prime Medicine in the 2nd quarter valued at $29,000. National Bank of Canada FI purchased a new stake in Prime Medicine in the second quarter worth $34,000. Finally, Levin Capital Strategies L.P. lifted its holdings 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 valued at $186,000 after buying an additional 6,500 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.