T. Rowe Price Investment Management Inc. Acquires 165,268 Shares of Prime Medicine, Inc. $PRME

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Prime Medicine, Inc. by 4.2%, owning 4,143,096 shares valued at approximately $8.25 million.
• Analysts have lowered their price targets for Prime Medicine, with Chardan Capital reducing it from $12.00 to $10.00 while maintaining a "buy" rating.
• Major shareholders have been actively acquiring shares, including David R. Liu and Arch Venture Partners, increasing their positions significantly recently.

T. Rowe Price Investment Management Inc. grew its holdings in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 4.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,143,096 shares of the company's stock after acquiring an additional 165,268 shares during the period. T. Rowe Price Investment Management Inc. owned about 3.16% of Prime Medicine worth $8,245,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. CWM LLC lifted its holdings in Prime Medicine by 741.5% in the 1st quarter. CWM LLC now owns 20,466 shares of the company's stock worth $41,000 after purchasing an additional 18,034 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $42,000. Balyasny Asset Management L.P. purchased a new position in shares of Prime Medicine in the fourth quarter worth $48,000. BNP Paribas Financial Markets purchased a new position in shares of Prime Medicine in the fourth quarter worth $59,000. Finally, Sherbrooke Park Advisers LLC bought a new position in shares of Prime Medicine during the 4th quarter valued at about $60,000. Institutional investors own 70.37% of the company's stock.

Insider Activity at Prime Medicine

In other news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of Prime Medicine stock in a transaction on Friday, August 1st. The shares were bought at an average cost 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 of the company's stock, valued at $20,559,990. This trade represents a 94.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder David R. Liu bought 21,000 shares of the stock in a transaction on Monday, June 23rd. The stock was purchased at an average price of $2.16 per share, with a total value of $45,360.00. Following the completion of the acquisition, the insider directly owned 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 disclosure for this purchase can be found here. In the last three months, insiders purchased 3,093,300 shares of company stock worth $10,110,240. 22.74% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PRME shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Chardan Capital lowered their price target on Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, August 8th. HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. JMP Securities reduced their target price on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 20th. Finally, Citigroup restated 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. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Prime Medicine presently has an average rating of "Moderate Buy" and a consensus price target of $8.92.

Prime Medicine Price Performance

PRME stock traded down $0.20 during mid-day trading on Friday, reaching $3.24. The company had a trading volume of 3,031,016 shares, compared to its average volume of 2,530,311. The company has a market capitalization of $436.02 million, a PE ratio of -1.58 and a beta of 2.39. The firm has a 50 day moving average of $3.67 and a 200 day moving average of $2.41. Prime Medicine, Inc. has a 12 month low of $1.11 and a 12 month high of $5.17.

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.