Prime Medicine (NYSE:PRME) Shares Down 6.1% – Time to Sell?

Shares of Prime Medicine, Inc. (NYSE:PRME) traded down 6.1% on Tuesday . The company traded as low as $3.59 and last traded at $3.5880. 1,526,429 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 2,872,980 shares. The stock had previously closed at $3.82.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRME. Wedbush restated an “outperform” rating and issued a $8.00 price target on shares of Prime Medicine in a report on Monday, November 10th. Citigroup decreased their price objective on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Finally, Chardan Capital dropped their target price on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.21.

Prime Medicine Stock Down 5.6%

The firm has a market capitalization of $650.74 million, a PE ratio of -1.76 and a beta of 2.64. The company’s 50-day simple moving average is $4.98 and its 200 day simple moving average is $3.54.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently made changes to their positions in PRME. Farallon Capital Management LLC lifted its holdings in shares of Prime Medicine by 533.3% during the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after purchasing an additional 4,000,000 shares during the last quarter. ARK Investment Management LLC increased its position in Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after buying an additional 3,155,182 shares in the last quarter. Woodline Partners LP acquired a new position in Prime Medicine during the 3rd quarter valued at about $16,634,000. RA Capital Management L.P. purchased a new stake in Prime Medicine in the third quarter valued at about $16,620,000. Finally, Amova Asset Management Americas Inc. boosted its holdings in Prime Medicine by 128.4% in the third quarter. Amova Asset Management Americas Inc. now owns 3,629,924 shares of the company’s stock worth $20,037,000 after acquiring an additional 2,040,807 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

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.