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

Prime Medicine, Inc. (NYSE:PRME) shares gapped up prior to trading on Monday . The stock had previously closed at $3.74, but opened at $3.98. Prime Medicine shares last traded at $3.9570, with a volume of 595,942 shares changing hands.

Analyst Upgrades and Downgrades

PRME has been the subject of several research reports. Wedbush reaffirmed an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, November 10th. Citigroup cut their target price on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Finally, Chardan Capital decreased their price target on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $7.45.

Prime Medicine Price Performance

The company has a market capitalization of $752.91 million, a price-to-earnings ratio of -2.05 and a beta of 2.69. The business’s 50-day moving average price is $4.69 and its two-hundred day moving average price is $3.78.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC raised its stake in Prime Medicine by 10.5% during the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock worth $219,000 after acquiring an additional 3,775 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Prime Medicine by 16.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock worth $170,000 after acquiring an additional 4,280 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Prime Medicine by 1,316.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares during the last quarter. AXQ Capital LP increased its position in Prime Medicine by 19.2% in the 3rd quarter. AXQ Capital LP now owns 44,818 shares of the company’s stock valued at $248,000 after acquiring an additional 7,231 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of Prime Medicine by 52.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock valued at $57,000 after acquiring an additional 7,954 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

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.