Insider Buying: Prime Medicine, Inc. (NYSE:PRME) Major Shareholder Acquires 21,000 Shares of Stock

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) major shareholder David R. Liu bought 21,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average price of $1.49 per share, with a total value of $31,290.00. Following the purchase, the insider now owns 20,198,945 shares of the company's stock, valued at approximately $30,096,428.05. This represents a 0.10% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Prime Medicine Price Performance

Shares of PRME traded up $0.04 during midday trading on Monday, reaching $1.50. 1,017,448 shares of the stock were exchanged, compared to its average volume of 1,374,833. Prime Medicine, Inc. has a twelve month low of $1.11 and a twelve month high of $7.07. The company has a market capitalization of $196.94 million, a price-to-earnings ratio of -0.73 and a beta of 1.55. The business's 50-day moving average price is $1.40 and its 200 day moving average price is $2.19.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. grew its position in shares of Prime Medicine by 96.5% during the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock worth $2,579,000 after acquiring an additional 433,653 shares during the last quarter. Walleye Capital LLC boosted its stake in Prime Medicine by 272.5% during the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company's stock worth $1,179,000 after purchasing an additional 295,365 shares during the period. AQR Capital Management LLC boosted its stake in Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock worth $485,000 after purchasing an additional 227,749 shares during the period. T. Rowe Price Investment Management Inc. grew its position in Prime Medicine by 4.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company's stock worth $11,616,000 after purchasing an additional 170,541 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Prime Medicine in the fourth quarter valued at $423,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HC Wainwright downgraded Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Wedbush reissued an "outperform" rating and set a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. JPMorgan Chase & Co. restated a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Chardan Capital dropped their price target on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Finally, JMP Securities cut their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.08.

About Prime Medicine

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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