Prime Medicine (NYSE:PRME) Shares Up 10.2% – Here’s Why

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

Analyst Upgrades and Downgrades

A number of analysts have commented on PRME shares. Citigroup decreased their price objective on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Wedbush reiterated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, November 10th. Finally, Chardan Capital lowered their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th. One equities 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.45.

Prime Medicine Stock Down 2.9%

The company has a market capitalization of $675.11 million, a PE ratio of -1.82 and a beta of 2.69. The stock has a 50-day moving average of $4.69 and a 200 day moving average of $3.74.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds have recently made changes to their positions in PRME. Russell Investments Group Ltd. boosted its holdings in shares of Prime Medicine by 1,316.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after buying an additional 6,345 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Prime Medicine in the third quarter worth about $49,000. Sterling Investment Advisors Ltd. purchased a new position in Prime Medicine in the third quarter valued at about $55,000. Creative Planning bought a new position in shares of Prime Medicine during the 2nd quarter valued at approximately $25,000. Finally, Victory Capital Management Inc. bought a new position in shares of Prime Medicine during the 3rd quarter valued at approximately $56,000. 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.