Prime Medicine (NYSE:PRME) Stock Price Up 12.4% – Here’s What Happened

Prime Medicine, Inc. (NYSE:PRME)’s stock price rose 12.4% during mid-day trading on Thursday . The stock traded as high as $4.34 and last traded at $4.5080. Approximately 747,703 shares traded hands during trading, a decline of 77% from the average daily volume of 3,302,241 shares. The stock had previously closed at $4.01.

Analysts Set New Price Targets

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

Prime Medicine Stock Up 16.7%

The company has a market capitalization of $844.79 million, a PE ratio of -2.28 and a beta of 2.71. The company’s 50 day moving average is $3.78 and its two-hundred day moving average is $4.23.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its stake in Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock valued at $38,000 after buying an additional 6,345 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Prime Medicine in the 3rd quarter worth approximately $49,000. Sterling Investment Advisors Ltd. purchased a new stake in shares of Prime Medicine during the 3rd quarter worth approximately $55,000. Creative Planning purchased a new position in shares of Prime Medicine in the second quarter valued at $25,000. Finally, Victory Capital Management Inc. bought a new stake in Prime Medicine in the third quarter worth $56,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

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.