Prime Medicine (NYSE:PRME) Trading Up 7.5% – Time to Buy?

Prime Medicine, Inc. (NYSE:PRME)’s share price shot up 7.5% on Wednesday . The stock traded as high as $4.05 and last traded at $3.9770. 2,350,337 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 3,235,643 shares. The stock had previously closed at $3.70.

Wall Street Analyst Weigh In

Several brokerages have commented on PRME. Lifesci Capital initiated coverage on Prime Medicine in a report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, November 10th. Chardan Capital reduced their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Finally, Citigroup lowered their price target on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.21.

Prime Medicine Trading Up 10.9%

The firm has a 50-day moving average of $3.81 and a 200 day moving average of $4.14. The company has a market cap of $741.00 million, a P/E ratio of -2.00 and a beta of 2.71.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in Prime Medicine by 31.3% in the third quarter. JPMorgan Chase & Co. now owns 43,389 shares of the company’s stock worth $240,000 after purchasing an additional 10,354 shares during the period. Tudor Investment Corp ET AL acquired a new stake in shares of Prime Medicine in the 3rd quarter valued at about $349,000. Hudson Bay Capital Management LP acquired a new stake in shares of Prime Medicine in the 3rd quarter valued at about $72,000. Keystone Financial Group bought a new stake in Prime Medicine in the 3rd quarter valued at about $393,000. Finally, Woodline Partners LP acquired a new position in Prime Medicine during the 3rd quarter worth approximately $16,634,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.