Prime Medicine (NYSE:PRME) Shares Gap Up - Should You Buy?

Key Points

• Shares briefly gapped up premarket from $3.83 to $3.99 but last traded at $3.75, down about 3.9% on volume of 617,634 shares.
• Analysts are initiating coverage: Oppenheimer started with an Outperform and $11 target and Lifesci Capital with an Outperform and $6 target; the consensus is a Moderate Buy with a $7.75 price target (five Buys, three Holds).
• Prime Medicine is a clinical-stage genetic medicines company focused on prime editing therapies; it has a market cap of about $664M and roughly 70% institutional ownership.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) 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 $3.75, with a volume of 617,634 shares changing hands.

Analyst Ratings Changes

PRME has been the topic of several research analyst reports. Oppenheimer began coverage on Prime Medicine in a research report on Thursday. They issued an "outperform" rating and a $11.00 price objective on the stock. Lifesci Capital started coverage on Prime Medicine in a research note on Tuesday, December 23rd. They set an "outperform" rating and a $6.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of "Moderate Buy" and a consensus price target of $7.75.

Prime Medicine Trading Down 3.9%

The firm has a fifty day moving average of $3.86 and a two-hundred day moving average of $4.19. The company has a market cap of $664.43 million, a PE ratio of -1.80 and a beta of 2.55.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently modified their holdings of the business. Shelton Wealth Management LLC boosted its holdings 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 period. Sterling Investment Advisors Ltd. raised its holdings in Prime Medicine by 34.0% during the 4th quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company's stock valued at $46,000 after acquiring an additional 3,400 shares during the period. Squarepoint Ops LLC lifted its position in shares of Prime Medicine by 10.5% during the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company's stock worth $219,000 after acquiring an additional 3,775 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Prime Medicine by 16.2% during the third 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 in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Prime Medicine by 16.5% in the fourth 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. Institutional investors own 70.37% of the company's stock.

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.

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