Prime Medicine (NYSE:PRME) Shares Up 13.2% – Here’s Why

Prime Medicine, Inc. (NYSE:PRME)’s share price shot up 13.2% during trading on Monday . The company traded as high as $4.64 and last traded at $4.64. 553,653 shares were traded during mid-day trading, a decline of 43% from the average session volume of 966,730 shares. The stock had previously closed at $4.10.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PRME shares. Chardan Capital dropped their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Wedbush reiterated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research report on Wednesday. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Prime Medicine Stock Down 8.3 %

The stock has a 50-day simple moving average of $3.88 and a 200 day simple moving average of $5.04. The company has a market cap of $475.32 million, a PE ratio of -1.93 and a beta of 2.09.

Institutional Trading of Prime Medicine

Institutional investors have recently modified their holdings of the stock. ORG Partners LLC acquired a new position in Prime Medicine in the second quarter valued at $29,000. National Bank of Canada FI acquired a new position in Prime Medicine during the second quarter worth $34,000. Nisa Investment Advisors LLC increased its holdings in Prime Medicine by 22,652.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Prime Medicine in the 3rd quarter valued at approximately $55,000. Finally, ProShare Advisors LLC boosted its stake in shares of Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after acquiring an additional 2,520 shares during the last quarter. Hedge funds and other institutional investors 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.