Prime Medicine (NYSE:PRME) Stock Price Down 7.2% - Here's Why

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s share price fell 7.2% during trading on Monday . The stock traded as low as $3.52 and last traded at $3.5450. 1,344,568 shares changed hands during trading, a decline of 54% from the average session volume of 2,896,184 shares. The stock had previously closed at $3.82.Get Prime Medicine alerts:Analysts Set New Price Targets2 gene editing stocks to keep on your 2024 watchlistA number of brokerages have weighed in on PRME. Chardan Capital lowered their price target on Prime Medicine from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Monday, November 10th. Citigroup lowered their target price on shares of Prime Medicine from $5.00 to $4.25 and set a "neutral" rating on the stock in a report on Tuesday, November 11th. Finally, Wedbush reiterated an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a research report on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $9.21.Read Our Latest Research Report on PRMEPrime Medicine Price PerformanceThe stock has a 50 day moving average price of $4.86 and a two-hundred day moving average price of $3.70. The company has a market capitalization of $643.52 million, a price-to-earnings ratio of -1.74 and a beta of 2.64. Hedge Funds Weigh In On Prime MedicineA number of large investors have recently modified their holdings of PRME. Creative Planning acquired a new position in Prime Medicine during the 2nd quarter worth $25,000. Freedom Investment Management Inc. bought a new stake in shares of Prime Medicine during the second quarter worth $26,000. R Squared Ltd acquired a new position in shares of Prime Medicine during the second quarter valued at $31,000. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Prime Medicine during the second quarter valued at $33,000. Finally, Savant Capital LLC bought a new position in Prime Medicine in the second quarter valued at about $37,000. 70.37% of the stock is currently owned by institutional investors and hedge funds. Prime Medicine Company Profile (Get Free Report)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.See AlsoFive stocks we like better than Prime MedicineWhat Investors Need to Know to Beat the MarketIf D-Wave Is Too Risky, Consider These 3 Quantum ETFs for DiversificationStock Splits, Do They Really Impact Investors?NVIDIA’s 13F Reveals 2 Q3 Winners—And 1 Painful Miss3 Best Fintech Stocks for a Portfolio BoostWhy Silver Beat Gold and the S&P in 2025—And What Comes NextThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Prime Medicine Right Now?Before you consider Prime Medicine, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Prime Medicine wasn't on the list.While Prime Medicine currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here