Prime Medicine (NASDAQ:PRME) Shares Gap Up – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.83, but opened at $3.99. Prime Medicine shares last traded at $3.7310, with a volume of 615,638 shares traded.

Analysts Set New Price Targets

Several research firms recently weighed in on PRME. Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Oppenheimer began coverage on shares of Prime Medicine in a report on Thursday. They set an “outperform” rating and a $11.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.75.

Prime Medicine Stock Down 2.1%

The firm has a market cap of $659.01 million, a P/E ratio of -2.70 and a beta of 2.56. The business’s 50 day moving average price is $3.87.

Institutional Trading of Prime Medicine

A number of institutional investors have recently bought and sold shares of the stock. Creative Planning purchased a new stake in Prime Medicine during the 2nd quarter worth approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Prime Medicine in the fourth quarter worth $31,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Prime Medicine in the fourth quarter worth $33,000. Glen Eagle Advisors LLC acquired a new stake in shares of Prime Medicine during the fourth quarter worth $35,000. Finally, Savant Capital LLC acquired a new stake in shares of Prime Medicine during the second quarter worth $37,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.