I think its fine. Its damage and efficiency are quite bad, its expensive both credits and OP, and its rare. Its anti-armor is good for a kinetic, but its only effective against the most lightly armored of targets. It can hit fighters, but its slow turret tracking speed and DPS means that is quite bad at it - it might be the least effective medium ballistic at that.
What 'fast ships' are you thinking of? The only ship that could kite with it that I can think of off the top of my head is the Hound, which is easily dealt with by beams/interceptors/mobility systems. (And if its mod ships: thats the mod's problem with balance, not the gun.).
My vote for "annoyingly powerful" weapons go to the railgun and light needler, which are also annoyingly rare.