Prime Medicine, Inc. (NYSE:PRME – Get Free Report) shares dropped 4.6% during trading on Tuesday . The stock traded as low as $4.07 and last traded at $4.17. Approximately 325,790 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 978,204 shares. The stock had previously closed at $4.37.
Wall Street Analyst Weigh In
PRME has been the topic of a number of analyst reports. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Thursday, August 8th. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Finally, HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, October 2nd. One investment 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.
Check Out Our Latest Research Report on Prime Medicine
Prime Medicine Stock Down 10.5 %
Prime Medicine (NYSE:PRME – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). As a group, equities analysts anticipate that Prime Medicine, Inc. will post -1.75 EPS for the current fiscal year.
Institutional Trading of Prime Medicine
Institutional investors and hedge funds have recently made changes to their positions in the stock. ORG Partners LLC bought a new position in Prime Medicine in the second quarter valued at $29,000. National Bank of Canada FI bought a new position in shares of Prime Medicine during the 2nd quarter valued at about $34,000. Nisa Investment Advisors LLC raised its holdings in shares of Prime Medicine by 22,652.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after buying an additional 7,702 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of 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 buying an additional 2,520 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Prime Medicine in the 2nd quarter worth approximately $97,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.
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.
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