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

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) major shareholder David R. Liu purchased 21,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were purchased at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, the insider now directly owns 20,219,945 shares in the company, valued at $43,675,081.20. This trade represents a 0.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Prime Medicine Price Performance

Shares of NYSE:PRME traded up $0.09 during trading on Monday, reaching $2.16. 4,221,752 shares of the company's stock traded hands, compared to its average volume of 1,442,031. Prime Medicine, Inc. has a 12 month low of $1.11 and a 12 month high of $6.75. The company has a 50 day moving average of $1.45 and a 200-day moving average of $2.14. The stock has a market capitalization of $283.60 million, a P/E ratio of -1.05 and a beta of 1.55.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PRME shares. HC Wainwright downgraded shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. Chardan Capital dropped their target price 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 reissued a "neutral" rating and issued a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Finally, JMP Securities dropped their target price on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.08.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. acquired a new position in Prime Medicine during the 4th quarter valued at about $33,000. CWM LLC lifted its stake in shares of 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 acquiring an additional 18,034 shares during the period. XTX Topco Ltd acquired a new stake in shares of Prime Medicine in the 4th quarter worth approximately $42,000. AXQ Capital LP acquired a new stake in shares of Prime Medicine in the 4th quarter worth approximately $45,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Prime Medicine in the 4th quarter worth approximately $48,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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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