Prime Medicine (NYSE:PRME) Sees Strong Trading Volume - What's Next?

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 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRME shares. Wedbush restated an "outperform" rating and set a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. Citigroup restated a "neutral" rating and set a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Finally, JMP Securities cut their price objective 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $10.08.

Prime Medicine Trading Up 12.1%

The stock has a market cap of $603.30 million, a P/E ratio of -2.24 and a beta of 2.33. The company has a 50 day simple moving average of $1.78 and a 200 day simple moving average of $2.13.

Insider Activity

In related news, major shareholder David R. Liu acquired 21,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were bought at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, 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

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers grew its holdings in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after buying an additional 9,944 shares in the last quarter. Chelsea Counsel Co. grew its holdings in shares of Prime Medicine by 11.5% during the 1st quarter. Chelsea Counsel Co. now owns 208,210 shares of the company's stock worth $414,000 after purchasing an additional 21,430 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Prime Medicine during the 1st quarter worth $101,000. AQR Capital Management LLC grew its holdings in shares of Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock worth $485,000 after purchasing an additional 227,749 shares in the last quarter. Finally, Ieq Capital LLC acquired a new stake in shares of Prime Medicine during the 1st quarter worth $69,000. 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.

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