Prime Medicine (NYSE:PRME) Shares Gap Up – Should You Buy?

Prime Medicine, Inc. (NYSE:PRME) gapped up before the market opened on Monday . The stock had previously closed at $3.81, but opened at $4.09. Prime Medicine shares last traded at $3.8250, with a volume of 1,023,978 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PRME. Citigroup reissued a “neutral” rating on shares of Prime Medicine in a report on Wednesday, October 29th. Wedbush reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday. Finally, Chardan Capital reduced their target price on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Prime Medicine Stock Down 4.1%

The company has a market capitalization of $491.87 million, a PE ratio of -1.78 and a beta of 2.64. The firm’s 50 day simple moving average is $4.96 and its 200 day simple moving average is $3.46.

Institutional Trading of Prime Medicine

Several institutional investors and hedge funds have recently made changes to their positions in PRME. Bank of New York Mellon Corp lifted its stake in shares of Prime Medicine by 20.4% during the 1st quarter. Bank of New York Mellon Corp now owns 155,992 shares of the company’s stock worth $310,000 after purchasing an additional 26,478 shares during the last quarter. Cerity Partners LLC acquired a new position in Prime Medicine in the first quarter valued at approximately $62,000. CWM LLC raised its stake in shares of Prime Medicine by 741.5% during the 1st quarter. CWM LLC now owns 20,466 shares of the company’s stock worth $41,000 after buying an additional 18,034 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in Prime Medicine by 48.1% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 89,870 shares of the company’s stock valued at $179,000 after buying an additional 29,185 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Prime Medicine by 3.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 503,697 shares of the company’s stock valued at $1,002,000 after purchasing an additional 19,106 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.