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

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the eight brokerages that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $8.9167.

PRME has been the subject of a number of research analyst reports. JMP Securities reduced their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. Wedbush reissued an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a report on Wednesday, July 16th. Chardan Capital reduced their target price on Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a report on Friday, August 8th. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th.

Prime Medicine Stock Down 1.9%

Shares of Prime Medicine stock opened at $3.57 on Monday. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $5.17. The business has a 50-day moving average price of $3.32 and a 200 day moving average price of $2.35. The firm has a market cap of $480.43 million, a PE ratio of -1.74 and a beta of 2.39.

Insider Transactions at Prime Medicine

In other news, major shareholder David R. Liu bought 21,000 shares of Prime Medicine stock in a transaction dated Monday, June 23rd. The stock was acquired at an average cost of $2.16 per share, with a total value of $45,360.00. Following the acquisition, the insider owned 20,219,945 shares of the company's stock, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of Prime Medicine stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $3.30 per share, with a total value of $9,999,990.00. Following the completion of the acquisition, the insider directly owned 6,230,300 shares in the company, valued at approximately $20,559,990. The trade was a 94.70% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,093,300 shares of company stock valued at $10,110,240 over the last ninety days. 22.74% of the stock is owned by company insiders.

Institutional Trading of Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $25,000. Freedom Investment Management Inc. purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $26,000. R Squared Ltd purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $31,000. JTC Employer Solutions Trustee Ltd purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $33,000. Finally, XTX Topco Ltd purchased a new position in Prime Medicine in the 4th quarter valued at approximately $42,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

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.

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