Insider Buying: Prime Medicine, Inc. (NYSE:PRME) Major Shareholder Buys 3,030,300 Shares of Stock

Key Points

• Arch Venture Partners XII, LLC acquired 3,030,300 shares of Prime Medicine at an average price of $3.30 per share, increasing their ownership by 94.70% to a total of 6,230,300 shares.
• Prime Medicine's stock recently rose to $4.04, with significant trading volume of 4,714,965 shares, compared to the average volume of 2,393,158.
• Wall Street analysts have mixed opinions on Prime Medicine, with a consensus rating of "Moderate Buy" and an average price target of $9.25, despite some analysts reducing their price targets in recent reports.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of Prime Medicine 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 directly owned 6,230,300 shares in the company, valued at approximately $20,559,990. This trade represents a 94.70% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Prime Medicine Stock Performance

Shares of Prime Medicine stock traded down $0.14 during trading on Tuesday, hitting $4.37. 2,410,427 shares of the company's stock were exchanged, compared to its average volume of 2,414,167. Prime Medicine, Inc. has a 52-week low of $1.11 and a 52-week high of $5.17. The business has a 50-day simple moving average of $2.88 and a 200-day simple moving average of $2.31. The stock has a market capitalization of $587.08 million, a price-to-earnings ratio of -2.14 and a beta of 2.38.

Analyst Ratings Changes

PRME has been the topic of a number of analyst reports. Citigroup restated a "neutral" rating and set a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. JMP Securities decreased their price objective on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. Finally, Chardan Capital decreased their price objective on Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $9.25.

Institutional Trading of Prime Medicine

Several institutional investors have recently modified their holdings of the stock. American Century Companies Inc. acquired a new position in shares of Prime Medicine in the 4th quarter worth approximately $33,000. Geode Capital Management LLC boosted its holdings in shares of Prime Medicine by 7.9% in the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock valued at $4,287,000 after acquiring an additional 107,627 shares in the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Prime Medicine in the fourth quarter valued at about $385,000. Aristides Capital LLC purchased a new position in Prime Medicine in the fourth quarter valued at about $206,000. Finally, Barclays PLC raised its position in Prime Medicine by 15.3% during the fourth quarter. Barclays PLC now owns 97,621 shares of the company's stock worth $285,000 after acquiring an additional 12,924 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Company Profile

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.