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

Prime Medicine, Inc. (NYSE:PRME) 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 traded.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup reduced their target price on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Chardan Capital cut their price objective 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. Finally, Wedbush restated an “outperform” rating and issued a $8.00 target price on shares of Prime Medicine in a report on Monday, November 10th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.45.

Prime Medicine Trading Down 0.5%

The firm has a market cap of $756.34 million, a PE ratio of -2.04 and a beta of 2.69. The company’s 50-day moving average is $4.64 and its 200 day moving average is $3.82.

Institutional Trading of Prime Medicine

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

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.