Prime Medicine, Inc. $PRME Shares Purchased by Palumbo Wealth Management LLC

Key Points

• Palumbo Wealth Management LLC increased its stake in Prime Medicine, Inc. by 92.1%, owning a total of 183,358 shares valued at approximately $453,000.
• Prime Medicine's stock has seen a range of $1.11 to $5.63 over the past year and currently has a market capitalization of $748.23 million.
• Analysts have set a consensus price target of $8.92 for Prime Medicine, with ratings ranging from "Strong Buy" to "Moderate Buy" among several research firms.

Palumbo Wealth Management LLC grew its stake in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 92.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 183,358 shares of the company's stock after purchasing an additional 87,896 shares during the quarter. Palumbo Wealth Management LLC owned 0.14% of Prime Medicine worth $453,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. BNP Paribas Financial Markets purchased a new stake in Prime Medicine during the 4th quarter worth $59,000. Rhumbline Advisers grew 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 acquiring an additional 9,944 shares in the last quarter. Jane Street Group LLC increased its position in shares of Prime Medicine by 76.8% during the fourth quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock worth $297,000 after acquiring an additional 44,210 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Prime Medicine by 20.4% in the first quarter. Bank of New York Mellon Corp now owns 155,992 shares of the company's stock worth $310,000 after acquiring an additional 26,478 shares in the last quarter. Finally, Ieq Capital LLC acquired a new position in shares of Prime Medicine in the first quarter worth about $69,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Stock Performance

PRME stock opened at $5.56 on Thursday. The stock has a market capitalization of $748.23 million, a price-to-earnings ratio of -2.71 and a beta of 2.39. Prime Medicine, Inc. has a 1 year low of $1.11 and a 1 year high of $5.63. The stock's fifty day moving average is $3.97 and its two-hundred day moving average is $2.61.

Analysts Set New Price Targets

PRME has been the topic of a number of recent analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $8.00 target price on shares of Prime Medicine in a research report on Wednesday, July 16th. Chardan Capital cut their price target on shares of Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.92.

Insider Transactions at Prime Medicine

In related news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of Prime Medicine stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $3.30 per share, with a total value of $9,999,990.00. Following the completion of the acquisition, the insider directly owned 6,230,300 shares of the company's stock, valued at $20,559,990. This trade represents a 94.70% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 22.74% 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.

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