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Prime Medicine Inc. (NASDAQ:PRME) Currently -76.09% Below Its 52-Week High, But There May Be A Surprise Downside

In last trading session, Prime Medicine Inc. (NASDAQ:PRME) saw 3.66 million shares changing hands with its beta currently measuring 0. Company’s recent per share price level of $12.34 trading at -$0.3 or -2.37% at ring of the bell on the day assigns it a market valuation of $1.30B. That closing price of PRME’s stock is at a discount of -76.09% from its 52-week high price of $21.73 and is indicating a premium of 10.29% from its 52-week low price of $11.07. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 0.39 million shares which gives us an average trading volume of 381.91K if we extend that period to 3-months.

For Prime Medicine Inc. (PRME), analysts’ consensus is at an average recommendation of a Buy while assigning it a mean rating of 1.90. Splitting up the data highlights that, out of 6 analysts covering the stock, 0 rated the stock as a Sell while 0 recommended an Overweight rating for the stock. 1 suggested the stock as a Hold whereas 5 see the stock as a Buy. 0 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of -$0.46 in the current quarter.

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Prime Medicine Inc. (NASDAQ:PRME) trade information

Upright in the red during last session for losing -2.37%, in the last five days PRME remained trading in the green while hitting it’s week-highest on Wednesday, 09/13/23 when the stock touched $12.34 price level, adding 7.01% to its value on the day. Prime Medicine Inc.’s shares saw a change of -33.58% in year-to-date performance and have moved 8.63% in past 5-day. Prime Medicine Inc. (NASDAQ:PRME) showed a performance of 6.10% in past 30-days. Number of shares sold short was 5.07 million shares which calculate 18.54 days to cover the short interests.

Wall Street analysts have assigned a consensus price target of $22.17 to the stock, which implies a rise of 44.34% to its current value. Analysts have been projecting $18.00 as a low price target for the stock while placing it at a high target of $27.00. It follows that stock’s current price would drop -118.8% in reaching the projected high whereas dropping to the targeted low would mean a loss of -45.87% for stock’s current value.

Prime Medicine Inc. (PRME) estimates and forecasts

Statistics highlight that Prime Medicine Inc. is scoring comparatively higher than the scores of other players of the relevant industry. The company lost -6.59% of value to its shares in past 6 months, showing an annual growth rate of 57.52% while that of industry is 12.00. Apart from that, the company came raising its revenue forecast for fiscal year 2023.

PRME Dividends

Prime Medicine Inc. is more likely to be releasing its next quarterly report in October and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

Prime Medicine Inc. (NASDAQ:PRME)’s Major holders

Insiders are in possession of 31.90% of company’s total shares while institution are holding 53.67 percent of that, with stock having share float percentage of 78.80%. Investors also watch the number of corporate investors in a company very closely, which is 53.67% institutions for Prime Medicine Inc. that are currently holding shares of the company. Alphabet Inc. is the top institutional holder at PRME for having 11.86 million shares of worth $146.38 million. And as of Jun 29, 2023, it was holding 12.19% of the company’s outstanding shares.

The second largest institutional holder is FMR, LLC, which was holding about 4.04 million shares on Jun 29, 2023. The number of shares represents firm’s hold over 4.15% of outstanding shares, having a total worth of $49.84 million.

On the other hand, ARK ETF Tr-ARK Genomic Revolution ETF and Vanguard Total Stock Market Index Fund are the top two Mutual Funds which own company’s shares. As of Aug 30, 2023, the former fund manager was holding 2.35 million shares of worth $29.04 million or 2.42% of the total outstanding shares. The later fund manager was in possession of 1.36 million shares on Jun 29, 2023, making its stake of worth around $16.83 million in the company or a holder of 1.40% of company’s stock.

On Key

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