Prime Medicine (NASDAQ:PRME) Shares Up 5.6% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price traded up 5.6% during trading on Thursday . The company traded as high as $3.83 and last traded at $3.8350. 318,504 shares traded hands during trading, a decline of 89% from the average session volume of 2,925,009 shares. The stock had previously closed at $3.63.

Analyst Ratings Changes

A number of research firms recently weighed in on PRME. Oppenheimer initiated coverage on Prime Medicine in a report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Prime Medicine in a report on Monday, December 29th. Finally, Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.38.

Prime Medicine Price Performance

The company’s fifty day simple moving average is $3.81 and its 200-day simple moving average is $4.21. The firm has a market capitalization of $668.95 million, a PE ratio of -2.74 and a beta of 2.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. boosted its holdings in Prime Medicine by 10,557.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 121,391 shares of the company’s stock worth $421,000 after buying an additional 120,252 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Prime Medicine in the fourth quarter valued at approximately $134,000. Chelsea Counsel Co. lifted its position in shares of Prime Medicine by 9.0% in the fourth quarter. Chelsea Counsel Co. now owns 227,000 shares of the company’s stock valued at $788,000 after acquiring an additional 18,790 shares in the last quarter. Virtu Financial LLC boosted its stake in shares of Prime Medicine by 701.2% in the fourth quarter. Virtu Financial LLC now owns 94,778 shares of the company’s stock worth $329,000 after acquiring an additional 82,948 shares during the last quarter. Finally, XTX Topco Ltd boosted its stake in shares of Prime Medicine by 51.2% in the fourth quarter. XTX Topco Ltd now owns 72,935 shares of the company’s stock worth $253,000 after acquiring an additional 24,710 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.