Prime Medicine, Inc. (NYSE:PRME) Major Shareholder David R. Liu Buys 21,000 Shares

Prime Medicine, Inc. (NYSE:PRME) major shareholder David R. Liu bought 21,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was purchased at an average cost of $1.60 per share, with a total value of $33,600.00. Following the completion of the transaction, the insider now directly owns 20,177,945 shares of the company’s stock, valued at approximately $32,284,712. The trade was a 0.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Prime Medicine Trading Down 4.6%

Shares of NYSE:PRME opened at $1.46 on Friday. The company has a 50 day moving average of $1.39 and a 200 day moving average of $2.22. The stock has a market cap of $191.69 million, a P/E ratio of -0.71 and a beta of 1.56. Prime Medicine, Inc. has a 12 month low of $1.11 and a 12 month high of $8.07.

Wall Street Analysts Forecast Growth

PRME has been the subject of several research reports. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Citigroup reiterated a “neutral” rating and set a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. JMP Securities reduced their target price on shares of Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 20th. HC Wainwright cut shares of Prime Medicine from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 20th. Finally, Wedbush reiterated an “outperform” rating and issued a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $10.08.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. American Century Companies Inc. bought a new position in shares of Prime Medicine in the fourth quarter worth $33,000. CWM LLC grew its position in Prime Medicine by 741.5% during the first quarter. CWM LLC now owns 20,466 shares of the company’s stock worth $41,000 after buying an additional 18,034 shares in the last quarter. XTX Topco Ltd bought a new position in Prime Medicine in the 4th quarter worth about $42,000. AXQ Capital LP purchased a new stake in shares of Prime Medicine in the 4th quarter valued at about $45,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Prime Medicine in the 4th quarter valued at about $48,000. 70.37% of the stock is owned by institutional investors.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of 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.