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 bought 21,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were acquired 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 $32,284,712. This trade represents a 0.10% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Prime Medicine Price Performance

PRME stock remained flat at $1.46 during midday trading on Friday. The company's stock had a trading volume of 1,164,614 shares, compared to its average volume of 1,376,261. The company's fifty day simple moving average is $1.40 and its 200-day simple moving average is $2.20. The stock has a market capitalization of $191.69 million, a PE ratio of -0.71 and a beta of 1.56. Prime Medicine, Inc. has a one year low of $1.11 and a one year high of $7.07.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PRME. American Century Companies Inc. purchased a new position in Prime Medicine in the fourth quarter valued at $33,000. CWM LLC raised its stake in Prime Medicine by 741.5% in the first quarter. CWM LLC now owns 20,466 shares of the company's stock valued at $41,000 after buying an additional 18,034 shares in the last quarter. XTX Topco Ltd acquired a new stake in Prime Medicine in the fourth quarter valued at $42,000. AXQ Capital LP acquired a new stake in Prime Medicine in the fourth quarter valued at $45,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Prime Medicine during the fourth quarter worth about $48,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on PRME shares. Citigroup reiterated a "neutral" rating and issued a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. 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. JMP Securities reduced 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, HC Wainwright downgraded Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $10.08.

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.