Insider Buying: Prime Medicine, Inc. (NYSE:PRME) Major Shareholder Purchases 21,000 Shares of Stock

Prime Medicine, Inc. (NYSE:PRME) major shareholder David R. Liu purchased 21,000 shares of Prime Medicine stock in a transaction dated Monday, June 23rd. The stock was bought at an average cost of $2.16 per share, with a total value of $45,360.00. Following the completion of the purchase, the insider now owns 20,219,945 shares in the company, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 Stock Up 4.3%

Shares of PRME stock traded up $0.09 during trading hours on Monday, reaching $2.16. 4,221,752 shares of the stock traded hands, compared to its average volume of 1,442,031. Prime Medicine, Inc. has a 1-year low of $1.11 and a 1-year high of $6.75. The business has a fifty day moving average price of $1.45 and a 200 day moving average price of $2.14. The firm has a market capitalization of $283.60 million, a PE ratio of -1.05 and a beta of 1.55.

Analyst Ratings Changes

PRME has been the topic of a number of research reports. HC Wainwright downgraded shares of Prime Medicine from a “buy” rating to a “neutral” rating in a report on Tuesday, May 20th. Chardan Capital dropped their target price on shares of Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, May 19th. Citigroup reiterated a “neutral” rating and issued a $1.50 target price (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Wedbush restated an “outperform” rating and set a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of Prime Medicine in a report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average price target of $10.08.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRME. Westwood Holdings Group Inc. increased its stake in Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock valued at $2,579,000 after buying an additional 433,653 shares during the period. Walleye Capital LLC increased its stake in Prime Medicine by 272.5% in the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock valued at $1,179,000 after buying an additional 295,365 shares during the period. AQR Capital Management LLC grew its position in Prime Medicine by 1,419.4% in the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after acquiring an additional 227,749 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Prime Medicine by 4.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock worth $11,616,000 after acquiring an additional 170,541 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Prime Medicine in the fourth quarter worth approximately $423,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.