Prime Medicine (NYSE:PRME) Shares Gap Up - Time to Buy?

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $3.11, but opened at $3.60. Prime Medicine shares last traded at $3.94, with a volume of 2,994,700 shares traded.

Analysts Set New Price Targets

Several analysts recently commented on PRME shares. JMP Securities decreased their price target on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. Citigroup restated a "neutral" rating and set a $1.50 price target (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Chardan Capital reduced their target price on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, May 19th. HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Prime Medicine has an average rating of "Moderate Buy" and an average price target of $10.08.

Prime Medicine Stock Up 3.3%

The company has a market cap of $615.77 million, a P/E ratio of -2.29 and a beta of 2.33. The stock's 50-day moving average price is $1.84 and its 200 day moving average price is $2.15.

Insider Activity at Prime Medicine

In other news, major shareholder David R. Liu purchased 21,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were bought at an average price of $2.16 per share, with a total value of $45,360.00. Following the completion of the transaction, the insider directly owned 20,219,945 shares in the company, valued at $43,675,081.20. This trade represents a 0.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased a total of 63,000 shares of company stock valued at $110,250 over the last 90 days. Company insiders own 22.93% of the company's stock.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets bought a new position in Prime Medicine during the fourth quarter worth $59,000. Rhumbline Advisers increased its position in Prime Medicine by 13.8% during the first quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after acquiring an additional 9,944 shares during the period. American Century Companies Inc. acquired a new stake in Prime Medicine during the fourth quarter worth $33,000. Jane Street Group LLC increased its holdings in Prime Medicine by 76.8% in the 4th quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock valued at $297,000 after buying an additional 44,210 shares during the period. Finally, Northern Trust Corp increased its holdings in Prime Medicine by 3.9% in the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company's stock valued at $1,591,000 after buying an additional 20,389 shares during the period. Institutional investors own 70.37% of the company's stock.

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.