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

Prime Medicine, Inc. (NYSE:PRME)’s share price gapped up prior to trading on Monday . The stock had previously closed at $3.81, but opened at $4.09. Prime Medicine shares last traded at $3.8250, with a volume of 1,023,978 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PRME shares. Wedbush reissued an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a research note on Monday. Citigroup reaffirmed a “neutral” rating on shares of Prime Medicine in a research note on Wednesday, October 29th. Finally, Chardan Capital lowered their price target on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Monday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average target price of $8.75.

Prime Medicine Stock Performance

The stock has a market capitalization of $491.87 million, a price-to-earnings ratio of -1.78 and a beta of 2.64. The business has a fifty day simple moving average of $4.96 and a 200 day simple moving average of $3.46.

Institutional Trading of Prime Medicine

Several hedge funds have recently bought and sold shares of PRME. Creative Planning bought a new stake in Prime Medicine in the second quarter valued at $25,000. Freedom Investment Management Inc. purchased a new stake in shares of Prime Medicine during the second quarter valued at $26,000. R Squared Ltd purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $31,000. JTC Employer Solutions Trustee Ltd bought a new stake in Prime Medicine in the 2nd quarter worth approximately $33,000. Finally, Savant Capital LLC bought a new position in shares of Prime Medicine during the 2nd quarter valued at $37,000. Institutional investors and hedge funds 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.