Prime Medicine (NYSE:PRME) Stock Price Up 7.3% – Here’s Why

Shares of Prime Medicine, Inc. (NYSE:PRME) traded up 7.3% during trading on Wednesday . The company traded as high as $4.51 and last traded at $4.4650. 1,509,973 shares were traded during mid-day trading, a decline of 52% from the average session volume of 3,151,651 shares. The stock had previously closed at $4.16.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PRME shares. Lifesci Capital initiated coverage on Prime Medicine in a research report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price target on the stock. Citigroup decreased their target price on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Chardan Capital cut their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, November 10th. Finally, Wedbush reiterated an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a report on Monday, November 10th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.21.

Prime Medicine Price Performance

The business’s fifty day moving average price is $3.77 and its 200 day moving average price is $4.19. The stock has a market cap of $791.54 million, a P/E ratio of -2.16 and a beta of 2.71.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. increased its position in shares of Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after buying an additional 6,345 shares during the period. Jones Financial Companies Lllp acquired a new stake in Prime Medicine during the 3rd quarter worth about $49,000. Sterling Investment Advisors Ltd. bought a new position in shares of Prime Medicine in the 3rd quarter worth about $55,000. Creative Planning acquired a new position in shares of Prime Medicine in the 2nd quarter valued at about $25,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Prime Medicine during the 3rd quarter valued at about $56,000. 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.