Prime Medicine, Inc. (NYSE:PRME) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Prime Medicine, Inc. has received a consensus recommendation of "Moderate Buy" from analysts, with an average twelve-month price target of $8.92.
• The company's stock has experienced fluctuations, currently priced at $3.57, with a twelve-month low of $1.11 and a high of $5.17.
• Insiders, including major shareholders, have recently increased their stakes in Prime Medicine, acquiring over 3 million shares valued at approximately $10 million in total over the last ninety days.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eight ratings firms that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $8.9167.

A number of equities analysts recently commented on PRME shares. JMP Securities lowered 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 note on Tuesday, May 20th. Wedbush reiterated an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a research note on Wednesday, July 16th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. HC Wainwright downgraded shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. Finally, Chardan Capital lowered their target price 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.

Insiders Place Their Bets

In other news, major shareholder David R. Liu bought 21,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was purchased at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the completion of the purchase, the insider owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of the stock in a transaction that occurred on 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 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 position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 3,093,300 shares of company stock valued at $10,110,240. Insiders own 22.74% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Creative Planning purchased a new position in shares of Prime Medicine during the second quarter worth approximately $25,000. Freedom Investment Management Inc. purchased a new stake in Prime Medicine in the 2nd quarter valued at $26,000. R Squared Ltd purchased a new stake in Prime Medicine in the 2nd quarter valued at $31,000. JTC Employer Solutions Trustee Ltd purchased a new stake in Prime Medicine in the 2nd quarter valued at $33,000. Finally, XTX Topco Ltd purchased a new stake in Prime Medicine in the 4th quarter valued at $42,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Stock Performance

Shares of NYSE:PRME traded up $0.2670 during trading on Monday, hitting $3.4870. The company's stock had a trading volume of 922,012 shares, compared to its average volume of 2,516,998. The business has a 50 day moving average price of $3.46 and a two-hundred day moving average price of $2.37. The company has a market capitalization of $469.26 million, a PE ratio of -1.70 and a beta of 2.39. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $5.17.

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.