Investors Purchase High Volume of Prime Medicine Call Options (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME) saw unusually large options trading activity on Wednesday. Stock investors purchased 3,638 call options on the stock. This represents an increase of 79% compared to the typical volume of 2,038 call options.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRME. Wedbush reiterated an “outperform” rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, November 10th. Chardan Capital cut their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Lifesci Capital started coverage on Prime Medicine in a research note on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 target price on the stock. Finally, Citigroup lowered their price target on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.21.

Prime Medicine Stock Performance

Shares of PRME stock opened at $4.38 on Friday. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The firm has a market capitalization of $790.64 million, a price-to-earnings ratio of -2.14 and a beta of 2.70. The stock’s 50-day simple moving average is $3.75 and its 200-day simple moving average is $4.15.

Institutional Investors Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning acquired a new stake in Prime Medicine during the second quarter worth $25,000. Freedom Investment Management Inc. acquired a new stake in shares of Prime Medicine during the 2nd quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Prime Medicine during the 4th quarter worth about $31,000. Caitong International Asset Management Co. Ltd purchased a new stake in Prime Medicine in the 4th quarter valued at about $33,000. Finally, Glen Eagle Advisors LLC acquired a new position in Prime Medicine in the fourth quarter valued at about $35,000. 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.