David R. Liu Buys 21,000 Shares of Prime Medicine, Inc. (NYSE:PRME) 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 dated Monday, June 23rd. The stock was acquired at an average price of $2.16 per share, with a total value of $45,360.00. Following the completion of the transaction, the insider now owns 20,219,945 shares of the company's stock, valued at $43,675,081.20. This represents a 0.10% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Prime Medicine Price Performance

NYSE:PRME traded up $0.23 during mid-day trading on Thursday, reaching $2.65. The stock had a trading volume of 2,645,690 shares, compared to its average volume of 1,481,826. The stock has a 50-day simple moving average of $1.54 and a two-hundred day simple moving average of $2.14. The stock has a market capitalization of $347.93 million, a PE ratio of -1.29 and a beta of 1.55. Prime Medicine, Inc. has a 12 month low of $1.11 and a 12 month high of $6.75.

Analyst Ratings Changes

A number of research firms have recently weighed in on PRME. 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 price target 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. Wedbush reiterated an "outperform" rating and issued a $13.00 price target (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. JMP Securities dropped their price target 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. Finally, Citigroup reiterated a "neutral" rating and issued a $1.50 price target (down from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.08.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of PRME. Crestwood Advisors Group LLC bought a new stake in shares of Prime Medicine during the fourth quarter worth $93,000. Levin Capital Strategies L.P. grew its stake in shares of Prime Medicine by 7.1% during the fourth quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company's stock worth $219,000 after buying an additional 5,000 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Prime Medicine by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company's stock worth $1,415,000 after buying an additional 20,614 shares during the last quarter. Vestmark Advisory Solutions Inc. grew its stake in shares of Prime Medicine by 23.8% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 111,465 shares of the company's stock worth $325,000 after buying an additional 21,429 shares during the last quarter. Finally, Greenwich Wealth Management LLC grew its stake in shares of Prime Medicine by 5.6% during the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock worth $2,260,000 after buying an additional 41,000 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

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.