Prime Medicine (NYSE:PRME) Trading 12.4% Higher – Should You Buy?

Prime Medicine, Inc. (NYSE:PRME)’s stock price traded up 12.4% during trading on Thursday . The stock traded as high as $4.34 and last traded at $4.5080. 747,703 shares traded hands during trading, a decline of 77% from the average session volume of 3,302,241 shares. The stock had previously closed at $4.01.

Wall Street Analysts Forecast Growth

PRME has been the subject of several research reports. 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 research note on Tuesday, November 11th. Chardan Capital lowered their price objective 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 assumed coverage on Prime Medicine in a research note on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 target price for the company. Finally, Wedbush reiterated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, November 10th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $7.21.

Prime Medicine Trading Down 5.3%

The firm has a market capitalization of $799.66 million, a price-to-earnings ratio of -2.16 and a beta of 2.71. The firm has a fifty day moving average price of $3.83 and a 200 day moving average price of $4.24.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRME. Squarepoint Ops LLC grew its holdings in Prime Medicine by 10.5% during the 3rd quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock worth $219,000 after acquiring an additional 3,775 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Prime Medicine by 16.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock valued at $170,000 after purchasing an additional 4,280 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Prime Medicine by 1,316.4% in the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock valued at $38,000 after purchasing an additional 6,345 shares in the last quarter. AXQ Capital LP raised 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 worth $248,000 after purchasing an additional 7,231 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in Prime Medicine by 52.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock worth $57,000 after purchasing an additional 7,954 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

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.