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

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

Analysts Set New Price Targets

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

Prime Medicine Trading Up 9.4%

The company has a market cap of $659.77 million, a P/E ratio of -1.78 and a beta of 2.70. The company has a 50 day moving average price of $3.73 and a 200-day moving average price of $4.14.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRME. Virtu Financial LLC lifted its holdings 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. XTX Topco Ltd increased its position in Prime Medicine by 51.2% during the 4th quarter. XTX Topco Ltd now owns 72,935 shares of the company’s stock worth $253,000 after purchasing an additional 24,710 shares in the last quarter. Virtus Investment Advisers LLC bought a new position in Prime Medicine in the 4th quarter valued at approximately $225,000. Wellington Management Group LLP lifted its stake in Prime Medicine by 20.9% in the 4th quarter. Wellington Management Group LLP now owns 248,227 shares of the company’s stock valued at $861,000 after purchasing an additional 42,902 shares during the last quarter. Finally, Polymer Capital Management US LLC boosted its position in Prime Medicine by 73.1% in the fourth quarter. Polymer Capital Management US LLC now owns 35,981 shares of the company’s stock valued at $125,000 after buying an additional 15,190 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.