Prime Medicine (NYSE:PRME) Shares Gap Up - What's Next?

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price 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.

Analysts Set New Price Targets

PRME has been the topic of a number of analyst reports. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. JMP Securities cut their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 20th. Chardan Capital cut their target price on Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, May 19th. Wedbush restated an "outperform" rating and set a $13.00 target price (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. Finally, HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $10.08.

Prime Medicine Stock Performance

The stock has a fifty day simple moving average of $1.69 and a two-hundred day simple moving average of $2.12. The stock has a market capitalization of $498.92 million, a price-to-earnings ratio of -1.85 and a beta of 2.33.

Insider Activity at Prime Medicine

In other news, major shareholder David R. Liu bought 21,000 shares of Prime Medicine stock in a transaction dated Monday, June 23rd. The stock was bought at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This represents a 0.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders bought 63,000 shares of company stock valued at $110,250. Company insiders own 22.93% of the company's stock.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its stake in Prime Medicine by 13.8% during the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after purchasing an additional 9,944 shares during the last quarter. Chelsea Counsel Co. boosted its stake in Prime Medicine by 11.5% during the 1st quarter. Chelsea Counsel Co. now owns 208,210 shares of the company's stock valued at $414,000 after purchasing an additional 21,430 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Prime Medicine during the 1st quarter valued at about $101,000. AQR Capital Management LLC boosted its stake in Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock valued at $485,000 after purchasing an additional 227,749 shares during the last quarter. Finally, Ieq Capital LLC acquired a new position in Prime Medicine during the 1st quarter valued at about $69,000. Institutional investors and hedge funds own 70.37% of the company's stock.

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.