Prime Medicine (NYSE:PRME) Trading 10.3% Higher – Still a Buy?

Prime Medicine, Inc. (NYSE:PRME) shares traded up 10.3% on Tuesday . The company traded as high as $3.70 and last traded at $3.6850. 600,812 shares changed hands during trading, a decline of 79% from the average session volume of 2,797,460 shares. The stock had previously closed at $3.34.

Wall Street Analyst Weigh In

PRME has been the subject of a number of recent analyst reports. Lifesci Capital assumed coverage on shares of Prime Medicine in a research note on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price target for the company. Citigroup dropped 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. Chardan Capital reduced their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, November 10th. Finally, Wedbush reissued an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research report on Monday, November 10th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus price target of $7.21.

Prime Medicine Stock Performance

The company’s fifty day simple moving average is $3.73 and its two-hundred day simple moving average is $4.14. The stock has a market capitalization of $659.77 million, a P/E ratio of -1.78 and a beta of 2.70.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Shelton Wealth Management LLC lifted its holdings in shares of Prime Medicine by 15.8% during the fourth quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock worth $70,000 after buying an additional 2,734 shares in the last quarter. Sterling Investment Advisors Ltd. increased its position in Prime Medicine by 34.0% during the fourth quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock worth $46,000 after acquiring an additional 3,400 shares during the period. Squarepoint Ops LLC raised its stake in 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 purchasing an additional 3,775 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in Prime Medicine by 16.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock valued at $170,000 after purchasing an additional 4,280 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Prime Medicine by 16.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 31,602 shares of the company’s stock valued at $110,000 after purchasing an additional 4,470 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

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.