Prime Medicine, Inc. $PRME Holdings Raised by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 112.6% during the second quarter, Holdings Channel.com reports. The firm owned 26,007 shares of the company’s stock after acquiring an additional 13,777 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Prime Medicine were worth $64,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rhumbline Advisers raised its stake in shares of Prime Medicine by 13.8% during the first quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after purchasing an additional 9,944 shares in the last quarter. Ieq Capital LLC bought a new stake in shares of Prime Medicine during the first quarter valued at about $69,000. Bank of New York Mellon Corp raised its stake in shares of Prime Medicine by 20.4% during the first quarter. Bank of New York Mellon Corp now owns 155,992 shares of the company’s stock valued at $310,000 after purchasing an additional 26,478 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Prime Medicine by 4.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company’s stock valued at $8,245,000 after purchasing an additional 165,268 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in shares of Prime Medicine by 56.9% during the first quarter. Deutsche Bank AG now owns 126,846 shares of the company’s stock valued at $252,000 after purchasing an additional 46,011 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Trading Down 8.8%

Shares of Prime Medicine stock opened at $5.68 on Monday. The company’s 50-day moving average price is $4.37 and its two-hundred day moving average price is $2.94. The stock has a market cap of $764.38 million, a PE ratio of -2.77 and a beta of 2.65. Prime Medicine, Inc. has a 52 week low of $1.11 and a 52 week high of $6.94.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PRME shares. Chardan Capital dropped their price target on shares of Prime Medicine from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Wedbush reiterated an “outperform” rating and issued a $8.00 price target on shares of Prime Medicine in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.92.

Insider Transactions at Prime Medicine

In related news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the business’s stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $3.30 per share, for a total transaction of $9,999,990.00. Following the acquisition, the insider 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 Securities & Exchange Commission, which is available at the SEC website. Insiders own 22.74% 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.