Prime Medicine (NYSE:PRME) Shares Gap Up – Here’s Why

Prime Medicine, Inc. (NYSE:PRME)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.74, but opened at $3.98. Prime Medicine shares last traded at $3.9570, with a volume of 595,942 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PRME. Wedbush reaffirmed an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a report on Monday, November 10th. Chardan Capital cut their price objective on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Finally, Citigroup decreased 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 report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and an average target price of $7.45.

Prime Medicine Stock Performance

The stock has a market capitalization of $752.91 million, a P/E ratio of -2.05 and a beta of 2.69. The business has a fifty day simple moving average of $4.69 and a 200-day simple moving average of $3.78.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Creative Planning bought a new position in Prime Medicine in the second quarter worth approximately $25,000. Freedom Investment Management Inc. acquired a new position in shares of Prime Medicine during the second quarter worth approximately $26,000. R Squared Ltd bought a new position in shares of Prime Medicine in the 2nd quarter worth $31,000. JTC Employer Solutions Trustee Ltd acquired a new stake in Prime Medicine in the 2nd quarter valued at $33,000. Finally, Savant Capital LLC bought a new stake in Prime Medicine during the 2nd quarter valued at $37,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

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.