Prime Medicine (NYSE:PRME) Sees Strong Trading Volume - Here's Why

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) saw an uptick in trading volume on Wednesday . 2,276,977 shares changed hands during mid-day trading, an increase of 7% from the previous session's volume of 2,135,836 shares.The stock last traded at $4.03 and had previously closed at $4.29.

Analysts Set New Price Targets

PRME has been the topic of a number of recent analyst reports. Wedbush reissued an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a report on Wednesday. HC Wainwright lowered shares of Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. JMP Securities cut their target price on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 20th. Citigroup reaffirmed a "neutral" rating and set a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. Finally, Chardan Capital dropped their price objective on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Prime Medicine presently has an average rating of "Moderate Buy" and a consensus target price of $9.25.

Prime Medicine Trading Up 5.9%

The company has a market cap of $555.47 million, a PE ratio of -2.01 and a beta of 2.33. The firm's fifty day moving average is $2.24 and its 200 day moving average is $2.22.

Insider Activity

In other news, major shareholder David R. Liu purchased 21,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were purchased 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 in the company, valued at $43,675,081.20. The trade was a 0.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired a total of 63,000 shares of company stock worth $110,250 over the last ninety days. 22.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. ProShare Advisors LLC lifted its position in shares of Prime Medicine by 24.6% during the fourth quarter. ProShare Advisors LLC now owns 22,186 shares of the company's stock worth $65,000 after purchasing an additional 4,375 shares in the last quarter. Rhumbline Advisers increased its stake in shares of 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 buying an additional 9,944 shares during the period. American Century Companies Inc. purchased a new stake in shares of Prime Medicine during the fourth quarter worth approximately $33,000. Virtus ETF Advisers LLC increased its stake in shares of Prime Medicine by 102.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 23,618 shares of the company's stock worth $69,000 after buying an additional 11,948 shares during the period. Finally, Barclays PLC increased its stake in shares of Prime Medicine by 15.3% during the fourth quarter. Barclays PLC now owns 97,621 shares of the company's stock worth $285,000 after buying an additional 12,924 shares during the period. Institutional investors and hedge funds 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.