T. Rowe Price Investment Management Inc. Raises Stock Holdings in 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 position in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,143,096 shares of the company's stock after purchasing an additional 165,268 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 3.16% of Prime Medicine worth $8,245,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

PRME has been the subject of several recent research reports. Citigroup reaffirmed a "neutral" rating and set a $1.50 target price (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Wedbush reissued an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Wednesday, July 16th. JMP Securities dropped their price target 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. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Finally, Chardan Capital lowered their target price on shares of Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $8.92.

Insider Activity

In other news, major shareholder Arch Venture Partners Xii, Llc purchased 3,030,300 shares of the stock in a transaction dated Friday, August 1st. The shares were purchased at an average price of $3.30 per share, with a total value of $9,999,990.00. Following the transaction, the insider owned 6,230,300 shares in the company, valued at $20,559,990. The trade was a 94.70% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David R. Liu acquired 21,000 shares of Prime Medicine stock in a transaction that occurred on Monday, June 23rd. The stock was bought at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the completion of the acquisition, the insider owned 20,219,945 shares in the company, valued at $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 have bought 3,093,300 shares of company stock worth $10,110,240. Corporate insiders own 22.74% of the company's stock.

Prime Medicine Stock Performance

Shares of PRME stock traded up $0.01 on Thursday, hitting $3.44. 1,984,232 shares of the stock traded hands, compared to its average volume of 2,527,280. The firm's 50-day moving average price is $3.62 and its two-hundred day moving average price is $2.40. The stock has a market capitalization of $462.93 million, a PE ratio of -1.68 and a beta of 2.39. Prime Medicine, Inc. has a twelve month low of $1.11 and a twelve 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.