Prime Medicine (NYSE:PRME) Sees Strong Trading Volume - Time to Buy?

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) saw an uptick in trading volume on Wednesday . 1,462,163 shares changed hands 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.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wedbush reissued an "outperform" rating and issued a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Citigroup restated a "neutral" rating and set a $1.50 price target (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. JMP Securities dropped their price target 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. Finally, HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a research 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 given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.08.

Prime Medicine Price Performance

The firm's 50 day simple moving average is $1.95 and its two-hundred day simple moving average is $2.18. The firm has a market capitalization of $585.05 million, a P/E ratio of -2.12 and a beta of 2.33.

Insider Buying and Selling at Prime Medicine

In related news, major shareholder David R. Liu bought 21,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was bought at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the acquisition, the insider directly owned 20,219,945 shares of the company's stock, 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 the SEC website. Over the last three months, insiders bought 63,000 shares of company stock valued at $110,250. Insiders own 22.93% of the company's stock.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently bought and sold shares of the stock. American Century Companies Inc. bought a new position in shares of Prime Medicine in the fourth quarter worth approximately $33,000. CWM LLC boosted its position in Prime Medicine by 741.5% during the 1st quarter. CWM LLC now owns 20,466 shares of the company's stock valued at $41,000 after buying an additional 18,034 shares during the period. XTX Topco Ltd bought a new stake in Prime Medicine in the 4th quarter worth $42,000. AXQ Capital LP bought a new stake in Prime Medicine in the 4th quarter worth $45,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Prime Medicine in the fourth quarter valued at about $48,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.