Prime Medicine, Inc. (NYSE:PRME) Receives $8.92 Average Price Target from Analysts

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 earned a consensus rating of "Moderate Buy" from the eight ratings firms that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $8.9167.

Several analysts have weighed in on the company. JMP Securities cut their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 20th. Chardan Capital decreased their price target on Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 8th. HC Wainwright downgraded Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. Citigroup reissued a "neutral" rating and issued a $1.50 price objective (down previously from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th.

Prime Medicine Stock Down 1.5%

Prime Medicine stock traded down $0.06 during mid-day trading on Friday, hitting $4.01. 2,360,088 shares of the company's stock traded hands, compared to its average volume of 2,550,620. The firm has a 50 day moving average price of $3.88 and a 200 day moving average price of $2.47. The company has a market cap of $539.64 million, a PE ratio of -1.96 and a beta of 2.38. Prime Medicine has a one year low of $1.11 and a one year high of $5.17.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRME. Creative Planning bought a new position in shares of Prime Medicine in the second quarter valued at $25,000. Freedom Investment Management Inc. bought a new position in shares of Prime Medicine in the second quarter valued at $26,000. R Squared Ltd bought a new position in shares of Prime Medicine in the second quarter valued at $31,000. JTC Employer Solutions Trustee Ltd bought a new position in shares of Prime Medicine in the second quarter valued at $33,000. Finally, Savant Capital LLC bought a new position in shares of Prime Medicine in the second quarter valued at $37,000. 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.