Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Target Price at $9.25

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eight brokerages that are covering the firm, MarketBeat.com reports. Three investment 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 1 year price objective among analysts that have updated their coverage on the stock in the last year is $9.25.

PRME has been the topic of several recent analyst reports. Chardan Capital reduced their price target on Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, May 19th. HC Wainwright downgraded Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Citigroup reiterated a "neutral" rating and issued a $1.50 price target (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Wedbush reiterated an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a report on Wednesday, July 16th. Finally, JMP Securities reduced their price target on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th.

Prime Medicine Trading Down 3.2%

Shares of NYSE PRME traded down $0.14 during midday trading on Thursday, hitting $4.21. The company's stock had a trading volume of 2,161,725 shares, compared to its average volume of 2,321,171. The business's 50 day moving average is $2.55 and its two-hundred day moving average is $2.26. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $5.95. The firm has a market cap of $566.23 million, a P/E ratio of -2.05 and a beta of 2.33.

Insider Transactions at Prime Medicine

In related news, major shareholder David R. Liu bought 21,000 shares of the company's stock in a transaction on Monday, June 23rd. The shares were acquired at an average price of $2.16 per share, with a total value of $45,360.00. Following the transaction, the insider owned 20,219,945 shares of the company's stock, valued at $43,675,081.20. The trade was a 0.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders acquired 63,000 shares of company stock worth $110,250. 22.93% of the stock is currently owned by company insiders.

Institutional Trading of Prime Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new stake in shares of Prime Medicine in the 4th quarter worth $59,000. Rhumbline Advisers boosted its position in shares of Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after purchasing an additional 9,944 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Prime Medicine in the 4th quarter worth $33,000. Jane Street Group LLC boosted its position in shares of Prime Medicine by 76.8% in the 4th quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock worth $297,000 after purchasing an additional 44,210 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Prime Medicine by 3.9% in the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company's stock worth $1,591,000 after purchasing an additional 20,389 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

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.