Traders Buy High Volume of Prime Medicine Call Options (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME) was the recipient of unusually large options trading activity on Wednesday. Traders purchased 3,638 call options on the stock. This is an increase of 79% compared to the typical daily volume of 2,038 call options.

Wall Street Analysts Forecast Growth

PRME has been the topic of several recent analyst reports. Citigroup lowered their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Wedbush reiterated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, November 10th. Lifesci Capital assumed coverage on Prime Medicine in a research report on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price objective for the company. Finally, Chardan Capital reduced their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $7.21.

Prime Medicine Stock Performance

PRME opened at $4.13 on Thursday. The stock has a fifty day moving average of $3.73 and a 200-day moving average of $4.14. The company has a market capitalization of $745.51 million, a P/E ratio of -2.01 and a beta of 2.70. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Farallon Capital Management LLC grew 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 grew its holdings in shares of Prime Medicine by 293.0% during the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after purchasing an additional 3,798,884 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares during the period. Balyasny Asset Management L.P. raised its stake in Prime Medicine by 6,426.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock valued at $10,842,000 after purchasing an additional 3,076,489 shares in the last quarter. Finally, Woodline Partners LP bought a new stake in Prime Medicine during the third quarter worth about $16,634,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.