Prime Medicine, Inc. (NYSE:PRME) Major Shareholder Acquires $33,600.00 in Stock

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) major shareholder David R. Liu purchased 21,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were purchased at an average cost of $1.60 per share, for a total transaction of $33,600.00. Following the purchase, the insider now directly owns 20,177,945 shares in the company, valued at approximately $32,284,712. This represents a 0.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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

Shares of NYSE:PRME traded up $0.05 during trading on Friday, reaching $1.51. 673,924 shares of the company's stock traded hands, compared to its average volume of 1,368,078. The stock has a market capitalization of $197.60 million, a P/E ratio of -0.73 and a beta of 1.56. Prime Medicine, Inc. has a 12 month low of $1.11 and a 12 month high of $8.07. The company has a 50 day moving average of $1.39 and a 200-day moving average of $2.22.

Analyst Ratings Changes

PRME has been the subject of a number of analyst reports. 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 report on Tuesday, May 27th. Wedbush reaffirmed an "outperform" rating and set a $13.00 target price (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. Chardan Capital lowered their price objective on Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, May 19th. 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 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. 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Prime Medicine currently has an average rating of "Moderate Buy" and a consensus target price of $10.08.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. acquired a new stake in Prime Medicine in the fourth quarter worth $33,000. CWM LLC increased its holdings in shares of Prime Medicine by 741.5% in the 1st quarter. CWM LLC now owns 20,466 shares of the company's stock worth $41,000 after acquiring an additional 18,034 shares during the period. XTX Topco Ltd bought a new stake in Prime Medicine in the 4th quarter valued at about $42,000. AXQ Capital LP bought a new position in Prime Medicine in the 4th quarter worth about $45,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $48,000. 70.37% of the stock is owned by institutional investors.

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.