Two Sigma Investments LP Cuts Holdings in Prime Medicine, Inc. (NYSE:PRME)

Two Sigma Investments LP decreased its position in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 47.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,199 shares of the company's stock after selling 152,374 shares during the quarter. Two Sigma Investments LP owned 0.13% of Prime Medicine worth $485,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. American Century Companies Inc. purchased a new stake in shares of Prime Medicine during the 4th quarter worth approximately $33,000. XTX Topco Ltd purchased a new stake in shares of Prime Medicine during the 4th quarter worth approximately $42,000. AXQ Capital LP purchased a new stake in shares of Prime Medicine during the 4th quarter worth approximately $45,000. Balyasny Asset Management L.P. purchased a new stake in shares of Prime Medicine during the 4th quarter worth approximately $48,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Prime Medicine during the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Stock Performance

PRME remained flat at $1.46 during trading on Friday. The company's stock had a trading volume of 1,164,614 shares, compared to its average volume of 1,373,429. The business has a fifty day simple moving average of $1.39 and a 200 day simple moving average of $2.22. The stock has a market cap of $191.69 million, a PE ratio of -0.71 and a beta of 1.56. Prime Medicine, Inc. has a 52 week low of $1.11 and a 52 week high of $7.92.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. JMP Securities reduced their target price on 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. Citigroup reaffirmed a "neutral" rating and issued a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. Wedbush reaffirmed an "outperform" rating and issued a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. Finally, HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Prime Medicine currently has an average rating of "Moderate Buy" and a consensus price target of $10.08.

Insider Buying and Selling at Prime Medicine

In other Prime Medicine news, major shareholder David R. Liu purchased 21,000 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was bought at an average cost of $1.60 per share, for a total transaction of $33,600.00. Following the acquisition, the insider now owns 20,177,945 shares of the company's stock, valued at approximately $32,284,712. The trade was a 0.10% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 22.93% of the stock is currently owned by insiders.

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.