Prime Medicine (NYSE:PRME) Shares Gap Up – Here’s What Happened

Prime Medicine, Inc. (NYSE:PRME)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $3.83, but opened at $3.99. Prime Medicine shares last traded at $3.75, with a volume of 617,634 shares trading hands.

Analysts Set New Price Targets

PRME has been the topic of a number of recent research reports. Lifesci Capital started coverage on Prime Medicine in a report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price objective on the stock. Oppenheimer started coverage on Prime Medicine in a report on Thursday. They set an “outperform” rating and a $11.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

Prime Medicine Stock Down 3.9%

The company has a market cap of $664.43 million, a PE ratio of -1.80 and a beta of 2.55. The stock has a 50-day moving average of $3.86 and a 200-day moving average of $4.19.

Institutional Trading of Prime Medicine

A number of large investors have recently modified their holdings of the business. Creative Planning purchased a new position in shares of Prime Medicine during the second quarter worth about $25,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Prime Medicine in the fourth quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd purchased a new stake in Prime Medicine in the fourth quarter valued at approximately $33,000. Glen Eagle Advisors LLC bought a new stake in Prime Medicine during the fourth quarter valued at approximately $35,000. Finally, Savant Capital LLC purchased a new position in Prime Medicine in the 2nd quarter worth approximately $37,000. Institutional investors own 70.37% of the company’s stock.

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.