Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 1,462,163 shares were traded during mid-day 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.
Analysts Set New Price Targets
A number of research analysts have issued reports on PRME shares. Chardan Capital reduced their price objective 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 restated an "outperform" rating and issued a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. JMP Securities reduced their price objective 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. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Finally, HC Wainwright downgraded Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.08.
Read Our Latest Report on PRME
Prime Medicine Trading Up 10.7%
The firm has a fifty day simple moving average of $1.84 and a two-hundred day simple moving average of $2.15. The stock has a market cap of $596.07 million, a PE ratio of -2.21 and a beta of 2.33.
Insider Buying and Selling at Prime Medicine
In other Prime Medicine news, major shareholder David R. Liu purchased 21,000 shares of the stock in a transaction on 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 acquisition, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. The trade was a 0.10% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders bought 63,000 shares of company stock valued at $110,250. Company insiders own 22.93% of the company's stock.
Institutional Trading of Prime Medicine
Several institutional investors and hedge funds have recently modified their holdings of PRME. Charles Schwab Investment Management Inc. raised its holdings in shares of Prime Medicine by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company's stock valued at $1,415,000 after acquiring an additional 20,614 shares in the last quarter. Greenwich Wealth Management LLC raised its holdings in shares of Prime Medicine by 5.6% in the 4th quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock valued at $2,260,000 after acquiring an additional 41,000 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of Prime Medicine during the 4th quarter valued at about $33,000. AXQ Capital LP purchased a new position in shares of Prime Medicine during the 4th quarter valued at about $45,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised 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 valued at $177,000 after buying an additional 32,572 shares in the last quarter. Hedge funds and other institutional investors 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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