Prime Medicine (NASDAQ:PRME) Trading Up 5.6% – Time to Buy?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) shot up 5.6% on Thursday . The company traded as high as $3.83 and last traded at $3.8350. 318,504 shares were traded during mid-day trading, a decline of 89% from the average session volume of 2,925,009 shares. The stock had previously closed at $3.63.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Oppenheimer began coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.38.

Prime Medicine Trading Up 2.1%

The firm has a market cap of $668.95 million, a price-to-earnings ratio of -2.74 and a beta of 2.56. The company has a fifty day moving average price of $3.81 and a 200-day moving average price of $4.21.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Alphabet Inc. increased its holdings in shares of Prime Medicine by 10.0% during the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock valued at $91,756,000 after purchasing an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC grew its position in Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after buying an additional 3,155,182 shares during the period. State Street Corp increased its holdings in Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after buying an additional 3,798,884 shares in the last quarter. Vanguard Group Inc. increased its holdings in Prime Medicine by 35.7% in the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after buying an additional 1,294,355 shares in the last quarter. Finally, Farallon Capital Management LLC raised its position in shares of Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after acquiring an additional 4,000,000 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.