Prime Medicine (NYSE:PRME) Stock Price Up 10.2% – Still a Buy?

Prime Medicine, Inc. (NYSE:PRME) shot up 10.2% during mid-day trading on Thursday . The company traded as high as $4.03 and last traded at $3.9770. 1,204,426 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 2,900,010 shares. The stock had previously closed at $3.61.

Wall Street Analyst Weigh In

Several analysts have recently commented on PRME shares. Citigroup decreased their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Wedbush restated an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research report on Monday, November 10th. Finally, Chardan Capital dropped their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $7.45.

Prime Medicine Stock Up 10.9%

The stock has a market capitalization of $722.95 million, a P/E ratio of -1.95 and a beta of 2.70. The company has a fifty day moving average price of $4.75 and a 200-day moving average price of $3.73.

Institutional Trading of Prime Medicine

Several hedge funds have recently modified their holdings of the company. Creative Planning purchased a new position in shares of Prime Medicine in the second quarter valued at $25,000. Freedom Investment Management Inc. purchased a new stake in Prime Medicine during the second quarter valued at $26,000. R Squared Ltd bought a new position in Prime Medicine during the second quarter valued at $31,000. JTC Employer Solutions Trustee Ltd purchased a new position in shares of Prime Medicine in the 2nd quarter worth $33,000. Finally, Savant Capital LLC bought a new stake in shares of Prime Medicine in the 2nd quarter worth about $37,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

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.