Prime Medicine (NYSE:PRME) Stock Price Up 7.3% – Here’s Why

Prime Medicine, Inc. (NYSE:PRME)’s stock price shot up 7.3% during mid-day trading on Wednesday . The company traded as high as $4.51 and last traded at $4.4650. 1,509,973 shares changed hands during trading, a decline of 52% from the average session volume of 3,151,651 shares. The stock had previously closed at $4.16.

Analyst Ratings Changes

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

Prime Medicine Trading Down 0.3%

The business’s 50-day simple moving average is $3.76 and its 200 day simple moving average is $4.20. The company has a market capitalization of $718.43 million, a P/E ratio of -1.94 and a beta of 2.71.

Hedge Funds Weigh In On Prime Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Squarepoint Ops LLC raised its stake in shares of Prime Medicine by 10.5% in the 3rd quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock worth $219,000 after buying an additional 3,775 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Prime Medicine by 16.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock worth $170,000 after acquiring an additional 4,280 shares during the period. Russell Investments Group Ltd. raised its position in Prime Medicine by 1,316.4% in the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares in the last quarter. AXQ Capital LP raised its position in Prime Medicine by 19.2% in the third quarter. AXQ Capital LP now owns 44,818 shares of the company’s stock worth $248,000 after acquiring an additional 7,231 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Prime Medicine by 52.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock valued at $57,000 after acquiring an additional 7,954 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

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.