Prime Medicine, Inc. (NYSE:PRME - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 2,276,977 shares traded 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.
Wall Street Analysts Forecast Growth
PRME has been the subject of a number of research reports. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. JMP Securities lowered their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 20th. Chardan Capital lowered their target price 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. Wedbush reissued an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a research note on Wednesday. Finally, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine 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 given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $9.25.
Check Out Our Latest Analysis on PRME
Prime Medicine Trading Up 3.2%
The firm has a market capitalization of $541.35 million, a PE ratio of -1.97 and a beta of 2.33. The business has a 50 day moving average price of $2.18 and a 200-day moving average price of $2.22.
Insider Activity
In other Prime Medicine news, major shareholder David R. Liu bought 21,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was acquired at an average cost of $2.16 per share, with a total value of $45,360.00. Following the purchase, the insider owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This represents a 0.10% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders purchased 63,000 shares of company stock worth $110,250. Corporate insiders own 22.93% of the company's stock.
Institutional Investors Weigh In On Prime Medicine
A number of institutional investors and hedge funds have recently modified their holdings of PRME. Westwood Holdings Group Inc. grew its holdings in shares of Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock worth $2,579,000 after acquiring an additional 433,653 shares during the period. Walleye Capital LLC grew its holdings in Prime Medicine by 272.5% during the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company's stock valued at $1,179,000 after buying an additional 295,365 shares during the last quarter. AQR Capital Management LLC grew its holdings in Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock valued at $485,000 after buying an additional 227,749 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Prime Medicine by 4.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company's stock valued at $11,616,000 after buying an additional 170,541 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Prime Medicine during the 4th quarter valued at $423,000. Institutional investors and hedge funds own 70.37% of the company's stock.
About Prime Medicine
(
Get Free Report)
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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