Prime Medicine (NYSE:PRME) Trading 7.5% Higher - What's Next?

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price traded up 7.5% during trading on Wednesday . The stock traded as high as $4.05 and last traded at $3.9770. 2,350,337 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 3,235,643 shares. The stock had previously closed at $3.70.Get Prime Medicine alerts:Wall Street Analyst Weigh In2 gene editing stocks to keep on your 2024 watchlistSeveral research firms recently issued reports on PRME. Citigroup reduced their price target on shares of Prime Medicine from $5.00 to $4.25 and set a "neutral" rating on the stock in a research report on Tuesday, November 11th. Chardan Capital reduced their target price on Prime Medicine from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Monday, November 10th. Lifesci Capital initiated coverage on Prime Medicine in a research note on Tuesday, December 23rd. They issued an "outperform" rating and a $6.00 price target on the stock. Finally, Wedbush restated an "outperform" rating and set a $8.00 price objective on shares of Prime Medicine in a research report on Monday, November 10th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Prime Medicine presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.21.Read Our Latest Research Report on PRMEPrime Medicine Stock Up 10.9%The business's 50 day simple moving average is $3.81 and its two-hundred day simple moving average is $4.14. The stock has a market cap of $741.00 million, a P/E ratio of -2.00 and a beta of 2.71. Hedge Funds Weigh In On Prime MedicineA number of institutional investors and hedge funds have recently bought and sold shares of PRME. Alphabet Inc. boosted its stake in shares of Prime Medicine by 10.0% during the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company's stock valued at $91,756,000 after purchasing an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC raised 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 during the last quarter. Vanguard Group Inc. boosted its position in Prime Medicine by 35.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company's stock worth $27,267,000 after buying an additional 1,294,355 shares during the period. Farallon Capital Management LLC grew its holdings in Prime Medicine by 533.3% during the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company's stock worth $26,315,000 after acquiring an additional 4,000,000 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Prime Medicine by 127.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company's stock valued at $20,110,000 after acquiring an additional 2,035,406 shares during the period. Institutional investors and hedge funds own 70.37% of the company's stock. About Prime Medicine (Get Free Report)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.Further ReadingFive stocks we like better than Prime MedicineElon Taking SpaceX Public! $100 Pre-IPO Opportunity!Do not delete, read immediatelyYou Still Think Silver’s a Joke? Watch What Happens Next.Punch these codes into your ordinary brokerage accountThis stock gets a 94 out of 100This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Prime Medicine Right Now?Before you consider Prime Medicine, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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