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

Key Points

• Prime Medicine, Inc. has received a consensus rating of "Moderate Buy" from analysts, with an average twelve-month price target set at $8.92.
• Major shareholder Arch Venture Partners recently acquired over 3 million shares at approximately $3.30 each, significantly increasing their ownership stake in the company.
• Institutional investors own 70.37% of Prime Medicine's stock, with notable increases in holdings from various funds in recent months.

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the eight brokerages that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned 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.

A number of research analysts have recently weighed in on PRME shares. Wedbush reissued an "outperform" rating and issued a $8.00 price objective on shares of Prime Medicine in a report on Wednesday, July 16th. Chardan Capital dropped their target price on Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, August 8th.

Insider Buying and Selling

In related news, major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 22.74% of the stock is currently owned by company insiders.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Palumbo Wealth Management LLC grew its holdings in Prime Medicine by 92.1% during the second quarter. Palumbo Wealth Management LLC now owns 183,358 shares of the company's stock worth $453,000 after acquiring an additional 87,896 shares during the period. Rhumbline Advisers grew its holdings in Prime Medicine by 13.8% during the first quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after acquiring an additional 9,944 shares during the period. Ieq Capital LLC acquired a new stake in Prime Medicine during the first quarter worth about $69,000. Bank of New York Mellon Corp grew its holdings in Prime Medicine by 20.4% in the first quarter. Bank of New York Mellon Corp now owns 155,992 shares of the company's stock valued at $310,000 after purchasing an additional 26,478 shares during the period. Finally, T. Rowe Price Investment Management Inc. grew its holdings in Prime Medicine by 4.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock valued at $8,245,000 after purchasing an additional 165,268 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Performance

Shares of PRME stock opened at $6.08 on Tuesday. The stock's 50-day simple moving average is $4.20 and its 200-day simple moving average is $2.83. The firm has a market capitalization of $818.21 million, a PE ratio of -2.97 and a beta of 2.65. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94.

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.

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