Prime Medicine, Inc. (NYSE:PRME) Major Shareholder David R. Liu Buys 21,000 Shares

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) major shareholder David R. Liu purchased 21,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $1.49 per share, with a total value of $31,290.00. Following the completion of the purchase, the insider now directly 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 filing with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Prime Medicine Price Performance

Shares of PRME traded up $0.18 during trading hours on Thursday, reaching $1.80. 4,652,967 shares of the company's stock traded hands, compared to its average volume of 1,412,891. Prime Medicine, Inc. has a twelve month low of $1.11 and a twelve month high of $6.75. The business's fifty day simple moving average is $1.42 and its two-hundred day simple moving average is $2.17. The firm has a market capitalization of $236.33 million, a price-to-earnings ratio of -0.88 and a beta of 1.55.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of PRME. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Prime Medicine by 4.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock valued at $8,245,000 after acquiring an additional 165,268 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Prime Medicine by 2.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock valued at $4,628,000 after purchasing an additional 38,515 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Prime Medicine by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock worth $4,287,000 after buying an additional 107,627 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in 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 period. Finally, Greenwich Wealth Management LLC boosted its position in shares of Prime Medicine by 5.6% during the 4th quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock valued at $2,260,000 after purchasing an additional 41,000 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Analysts Set New Price Targets

PRME has been the subject of a number of recent research reports. Chardan Capital lowered their price objective on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, May 19th. 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 restated an "outperform" rating and set a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. JMP Securities dropped their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average 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.