Prime Medicine (NYSE:PRME) Stock Price Up 4.9% – Here’s What Happened

Prime Medicine, Inc. (NYSE:PRME)’s stock price was up 4.9% during mid-day trading on Monday . The stock traded as high as $3.75 and last traded at $3.73. Approximately 572,374 shares changed hands during trading, a decline of 77% from the average daily volume of 2,520,628 shares. The stock had previously closed at $3.55.

Analysts Set New Price Targets

A number of research firms have weighed in on PRME. HC Wainwright downgraded Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. Wedbush reissued an “outperform” rating and issued a $8.00 target price on shares of Prime Medicine in a research report on Wednesday, July 16th. JMP Securities reduced their price objective on Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating for the company in a research report on Tuesday, May 20th. Citigroup reissued a “neutral” rating and issued a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Prime Medicine in a research report on Tuesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $8.92.

Prime Medicine Price Performance

The company’s 50-day simple moving average is $3.50 and its 200 day simple moving average is $2.38. The firm has a market cap of $499.94 million, a P/E ratio of -1.81 and a beta of 2.39.

Insider Activity

In related news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $3.30 per share, with a total value of $9,999,990.00. Following the transaction, the insider directly owned 6,230,300 shares in the company, valued at approximately $20,559,990. This represents a 94.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder David R. Liu acquired 21,000 shares of the company’s stock in a transaction dated Monday, June 23rd. The shares were acquired at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the completion of the purchase, the insider owned 20,219,945 shares of the company’s stock, valued at approximately $43,675,081.20. This represents a 0.10% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 3,093,300 shares of company stock worth $10,110,240 in the last ninety days. 22.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC purchased a new stake in Prime Medicine during the second quarter worth $531,000. Bank of America Corp DE boosted its stake in shares of Prime Medicine by 28.0% during the 2nd quarter. Bank of America Corp DE now owns 144,511 shares of the company’s stock worth $357,000 after acquiring an additional 31,585 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Prime Medicine by 253.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock valued at $296,000 after acquiring an additional 85,938 shares during the period. Diametric Capital LP acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at about $261,000. Finally, Greenwich Wealth Management LLC increased its stake in shares of Prime Medicine by 3.3% in the 2nd quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company’s stock valued at $2,090,000 after purchasing an additional 27,200 shares in the last quarter. Hedge funds and other institutional investors 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.