Prime Medicine (NYSE:PRME) Shares Up 9.1% – Time to Buy?

Prime Medicine, Inc. (NYSE:PRME)’s share price shot up 9.1% on Monday . The stock traded as high as $3.65 and last traded at $3.6750. 3,619,306 shares were traded during trading, an increase of 27% from the average session volume of 2,859,627 shares. The stock had previously closed at $3.37.

Analyst Upgrades and Downgrades

PRME has been the subject of a number of analyst reports. Chardan Capital dropped their price target 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. Citigroup lowered their price objective on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Prime Medicine in a research note on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.21.

Prime Medicine Price Performance

The stock has a market capitalization of $671.50 million, a price-to-earnings ratio of -1.81 and a beta of 2.64. The business has a fifty day moving average of $4.97 and a 200 day moving average of $3.55.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently modified their holdings of PRME. Russell Investments Group Ltd. raised its holdings in Prime Medicine by 1,316.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock valued at $38,000 after buying an additional 6,345 shares during the period. Jones Financial Companies Lllp acquired a new stake in shares of Prime Medicine during the third quarter valued at about $49,000. Sterling Investment Advisors Ltd. acquired a new stake in shares of Prime Medicine during the third quarter valued at about $55,000. Creative Planning purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $25,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Prime Medicine in the 3rd quarter worth approximately $56,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Prime Medicine

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.