Prime Medicine (NYSE:PRME) Shares Gap Up to $6.67

Shares of Prime Medicine, Inc. (NYSE:PRME) gapped up before the market opened on Tuesday . The stock had previously closed at $6.67, but opened at $7.18. Prime Medicine shares last traded at $7.25, with a volume of 122,213 shares.

Wall Street Analyst Weigh In

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

Prime Medicine Price Performance

The firm has a 50-day moving average of $8.71. The company has a market capitalization of $634.53 million and a price-to-earnings ratio of -3.23.

Hedge Funds Weigh In On Prime Medicine

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

About Prime Medicine

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.