Prime Medicine (NASDAQ:PRME) Shares Up 5.6% – Still a Buy?

Prime Medicine, Inc. (NASDAQ:PRME)’s share price traded up 5.6% on Thursday . The stock traded as high as $3.83 and last traded at $3.8350. 318,504 shares traded hands during trading, a decline of 89% from the average session volume of 2,925,009 shares. The stock had previously closed at $3.63.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRME. Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a research report on Monday, December 29th. Oppenheimer initiated coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They issued an “outperform” rating and a $11.00 target price for the company. Finally, Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.38.

Prime Medicine Trading Down 7.1%

The company’s 50 day simple moving average is $3.79 and its 200 day simple moving average is $4.20. The stock has a market capitalization of $610.26 million, a PE ratio of -2.50 and a beta of 2.56.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently added to or reduced their stakes in the business. Shelton Wealth Management LLC boosted its stake in Prime Medicine by 15.8% in the 4th quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock worth $70,000 after buying an additional 2,734 shares during the last quarter. Sterling Investment Advisors Ltd. grew its holdings in Prime Medicine by 34.0% in the 4th quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock valued at $46,000 after buying an additional 3,400 shares during the period. Squarepoint Ops LLC increased its stake in shares of Prime Medicine by 10.5% during the 3rd quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock valued at $219,000 after acquiring an additional 3,775 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Prime Medicine by 16.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock worth $170,000 after acquiring an additional 4,280 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Prime Medicine by 16.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 31,602 shares of the company’s stock worth $110,000 after acquiring an additional 4,470 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

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.