Prime Medicine (NYSE:PRME) Trading 7.5% Higher – Time to Buy?

Prime Medicine, Inc. (NYSE:PRME)’s stock price was up 7.5% on Wednesday . The stock traded as high as $4.05 and last traded at $3.9770. Approximately 2,350,337 shares were traded during trading, a decline of 27% from the average daily volume of 3,235,643 shares. The stock had previously closed at $3.70.

Wall Street Analyst Weigh In

Several research firms recently commented on PRME. Wedbush reissued an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, November 10th. 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. Lifesci Capital initiated coverage on Prime Medicine in a report on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price objective for the company. Finally, Citigroup dropped their target price on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.21.

Prime Medicine Stock Performance

The firm has a fifty day moving average price of $3.77 and a 200 day moving average price of $4.15. The stock has a market cap of $711.21 million, a PE ratio of -1.92 and a beta of 2.71.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in shares of Prime Medicine in the 4th quarter valued at $107,000. JPMorgan Chase & Co. grew its stake in Prime Medicine by 31.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 43,389 shares of the company’s stock valued at $240,000 after purchasing an additional 10,354 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in Prime Medicine during the 3rd quarter valued at about $349,000. Hudson Bay Capital Management LP acquired a new position in shares of Prime Medicine in the third quarter valued at about $72,000. Finally, Keystone Financial Group acquired a new position in shares of Prime Medicine in the third quarter valued at about $393,000. Institutional investors and hedge funds 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.