Prime Medicine, Inc. (NYSE:PRME - Get Free Report) saw an uptick in trading volume on Wednesday . 1,462,163 shares were traded during trading, a decline of 10% from the previous session's volume of 1,626,044 shares.The stock last traded at $4.53 and had previously closed at $4.10.
Analyst Ratings Changes
A number of equities analysts have recently commented on the stock. Chardan Capital cut their target price 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. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Wedbush reaffirmed an "outperform" rating and set a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. JMP Securities decreased their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. Finally, Citigroup reissued a "neutral" rating and set a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.08.
Read Our Latest Stock Analysis on Prime Medicine
Prime Medicine Trading Down 7.2%
The business's fifty day simple moving average is $1.95 and its two-hundred day simple moving average is $2.18. The stock has a market capitalization of $585.05 million, a P/E ratio of -2.12 and a beta of 2.33.
Insiders Place Their Bets
In related news, major shareholder David R. Liu purchased 21,000 shares of Prime Medicine stock in a transaction on Monday, June 23rd. The stock was purchased at an average cost of $2.16 per share, with a total value of $45,360.00. Following the acquisition, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have acquired 63,000 shares of company stock valued at $110,250. 22.93% of the stock is owned by corporate insiders.
Institutional Trading of Prime Medicine
Hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prime Medicine by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company's stock worth $1,415,000 after acquiring an additional 20,614 shares during the period. Greenwich Wealth Management LLC lifted its holdings in shares of Prime Medicine by 5.6% during the 4th quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock worth $2,260,000 after acquiring an additional 41,000 shares during the period. American Century Companies Inc. bought a new position in shares of Prime Medicine during the 4th quarter worth about $33,000. AXQ Capital LP bought a new position in shares of Prime Medicine during the 4th quarter worth about $45,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Prime Medicine by 115.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 60,685 shares of the company's stock worth $177,000 after acquiring an additional 32,572 shares during the period. 70.37% of the stock is owned by institutional investors.
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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