Prime Medicine, Inc. (NYSE:PRME) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Prime Medicine, Inc. (NYSE:PRME) has received an average consensus rating of "Moderate Buy" from analysts, with a target price of approximately $8.92.
• Insider transactions include notable purchases, with major shareholder David R. Liu acquiring 21,000 shares at $2.16 each, indicating confidence in the stock.
• Currently, 70.37% of Prime Medicine’s stock is owned by institutional investors, reflecting substantial interest from hedge funds in the company.

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eight ratings firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $8.9167.

A number of brokerages have recently weighed in on PRME. Wedbush restated an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a research report on Wednesday, July 16th. Chardan Capital dropped their price objective on shares of Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 8th. JMP Securities dropped their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 20th. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Finally, Citigroup reaffirmed a "neutral" rating and set a $1.50 price objective (down previously from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th.

Insider Transactions at Prime Medicine

In related news, major shareholder David R. Liu acquired 21,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was bought at an average price of $2.16 per share, with a total value of $45,360.00. Following the purchase, the insider directly owned 20,219,945 shares in the company, valued at $43,675,081.20. The trade was a 0.10% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were purchased at an average price of $3.30 per share, with a total value of $9,999,990.00. Following the acquisition, the insider directly owned 6,230,300 shares in the company, valued at approximately $20,559,990. This trade represents a 94.70% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 22.74% of the company's stock.

Institutional Trading of Prime Medicine

A number of institutional investors have recently modified their holdings of PRME. Westwood Holdings Group Inc. grew its holdings in shares of Prime Medicine by 96.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock worth $2,579,000 after purchasing an additional 433,653 shares during the period. AQR Capital Management LLC grew its holdings in shares of 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. Bridgeway Capital Management LLC purchased a new stake in shares of Prime Medicine during the 2nd quarter worth about $531,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Prime Medicine by 4.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock worth $8,245,000 after purchasing an additional 165,268 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Prime Medicine during the 2nd quarter worth about $330,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Trading Down 0.4%

Shares of PRME stock traded down $0.02 during mid-day trading on Friday, reaching $4.65. The stock had a trading volume of 4,025,624 shares, compared to its average volume of 2,573,515. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $5.17. The company has a market cap of $625.77 million, a P/E ratio of -2.27 and a beta of 2.38. The business has a 50-day simple moving average of $3.89 and a 200 day simple moving average of $2.51.

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.