Prime Medicine (NASDAQ:PRME) Shares Gap Up – Time to Buy?

Prime Medicine, Inc. (NASDAQ:PRME) gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRME. Oppenheimer began coverage on shares of Prime Medicine in a research note on Thursday. They set an “outperform” rating and a $11.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prime Medicine in a research note on Monday, December 29th. Finally, Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy” and an average price target of $7.75.

Prime Medicine Trading Down 2.1%

The firm has a market cap of $659.01 million, a P/E ratio of -2.70 and a beta of 2.56. The stock’s fifty day moving average price is $3.87.

Institutional Investors Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Farallon Capital Management LLC lifted its position in Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after buying an additional 4,000,000 shares in the last quarter. State Street Corp boosted its stake in Prime Medicine by 293.0% during the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after buying an additional 3,798,884 shares during the last quarter. ARK Investment Management LLC grew its holdings in Prime Medicine by 135.8% in the 3rd 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 in the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Prime Medicine by 6,426.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after acquiring an additional 3,076,489 shares during the last quarter. Finally, Woodline Partners LP purchased a new position in shares of Prime Medicine during the 3rd quarter worth $16,634,000. 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.