Prime Medicine (NYSE:PRME) Shares Down 9.2% - Here's Why

Key Points

• Prime Medicine's shares experienced a decline of 9.2%, trading as low as $4.93, while the average daily trading volume surged by 72% during the session.
• Equities analysts have mixed outlooks for the stock, with a consensus rating of "Moderate Buy" and an average price target of $8.92.
• Major shareholder Arch Venture Partners increased their stake by purchasing over 3 million shares at an average price of $3.30 each, reflecting confidence in the company's future prospects.

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) were down 9.2% during mid-day trading on Wednesday . The stock traded as low as $4.93 and last traded at $5.08. Approximately 4,767,313 shares traded hands during mid-day trading, an increase of 72% from the average daily volume of 2,774,319 shares. The stock had previously closed at $5.59.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PRME shares. Wedbush restated an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a research report on Wednesday, July 16th. Chardan Capital dropped their target price on Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $8.92.

Prime Medicine Stock Performance

The company has a 50-day simple moving average of $4.65 and a 200-day simple moving average of $3.14. The company has a market cap of $687.67 million, a price-to-earnings ratio of -2.49 and a beta of 2.65.

Insider Buying and Selling at Prime Medicine

In other news, major shareholder Arch Venture Partners Xii, Llc purchased 3,030,300 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $3.30 per share, for a total transaction of $9,999,990.00. Following the acquisition, the insider directly owned 6,230,300 shares in the company, valued at approximately $20,559,990. The trade was a 94.70% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 22.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Prime Medicine by 52.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company's stock worth $57,000 after acquiring an additional 7,954 shares during the period. Rhumbline Advisers grew its holdings in shares of Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after acquiring an additional 9,944 shares during the period. Creative Planning acquired a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $25,000. Freedom Investment Management Inc. acquired a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $26,000. Finally, R Squared Ltd purchased a new stake in Prime Medicine in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Company Profile

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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