Prime Medicine (NYSE:PRME) Trading 10.3% Higher – What’s Next?

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRME. Chardan Capital dropped their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Wedbush restated an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a report on Monday, November 10th. Citigroup decreased 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, Lifesci Capital started coverage on shares of Prime Medicine in a research note on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $7.21.

Prime Medicine Price Performance

The stock has a fifty day simple moving average of $3.73 and a two-hundred day simple moving average of $4.14. The firm has a market capitalization of $790.64 million, a P/E ratio of -2.14 and a beta of 2.70.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently modified their holdings of PRME. Farallon Capital Management LLC increased its stake in shares of Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after purchasing an additional 4,000,000 shares in the last quarter. State Street Corp raised its stake in Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after purchasing an additional 3,798,884 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after acquiring an additional 3,155,182 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Prime Medicine by 6,426.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after purchasing an additional 3,076,489 shares in the last quarter. Finally, Woodline Partners LP purchased a new stake in Prime Medicine in the third quarter worth approximately $16,634,000. Hedge funds and other institutional investors 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.