Prime Medicine (NYSE:PRME) Shares Up 7.6%

Prime Medicine, Inc. (NYSE:PRME) shot up 7.6% on Friday . The stock traded as high as $6.66 and last traded at $6.62. 195,061 shares were traded during trading, a decline of 42% from the average session volume of 336,568 shares. The stock had previously closed at $6.15.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRME. Morgan Stanley decreased their price target on Prime Medicine from $21.00 to $19.00 and set an “equal weight” rating for the company in a report on Monday, August 14th. BMO Capital Markets initiated coverage on Prime Medicine in a report on Monday, October 9th. They issued an “outperform” rating and a $19.00 target price for the company. Guggenheim initiated coverage on Prime Medicine in a report on Monday, July 31st. They issued a “buy” rating and a $24.00 target price for the company. JPMorgan Chase & Co. reduced their target price on Prime Medicine from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Tuesday, November 7th. Finally, Jonestrading initiated coverage on Prime Medicine in a report on Wednesday, September 6th. They issued a “buy” rating and a $20.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.60.

Prime Medicine Stock Performance

The stock has a market cap of $642.31 million and a price-to-earnings ratio of -3.27. The company’s 50-day simple moving average is $8.50.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co NY increased its position in shares of Prime Medicine by 206.8% in the second quarter. Metropolitan Life Insurance Co NY now owns 2,203 shares of the company’s stock valued at $32,000 after buying an additional 1,485 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in Prime Medicine by 293.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock worth $48,000 after purchasing an additional 2,436 shares in the last quarter. Royal Bank of Canada increased its position in Prime Medicine by 506.6% during the 2nd quarter. Royal Bank of Canada now owns 3,579 shares of the company’s stock worth $53,000 after purchasing an additional 2,989 shares in the last quarter. Barclays PLC increased its position in Prime Medicine by 47.7% during the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after purchasing an additional 2,543 shares in the last quarter. Finally, Penserra Capital Management LLC increased its position in Prime Medicine by 15.8% during the 2nd quarter. Penserra Capital Management LLC now owns 8,107 shares of the company’s stock worth $118,000 after purchasing an additional 1,107 shares in the last quarter. Hedge funds and other institutional investors own 47.41% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address 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.