Prime Medicine, Inc. (NYSE:PRME - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $5.56, but opened at $5.16. Prime Medicine shares last traded at $5.32, with a volume of 786,736 shares.
Analyst Ratings Changes
Several research analysts have recently commented on PRME shares. Wedbush reiterated an "outperform" rating and issued a $8.00 price objective on shares of Prime Medicine in a report on Wednesday, July 16th. Chardan Capital reduced their price target on Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $8.92.
Check Out Our Latest Research Report on PRME
Prime Medicine Stock Performance
The firm has a fifty day moving average price of $3.97 and a two-hundred day moving average price of $2.61. The stock has a market capitalization of $707.19 million, a P/E ratio of -2.56 and a beta of 2.39.
Insider Buying and Selling at Prime Medicine
In related news, major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $3.30 per share, with a total value of $9,999,990.00. Following the acquisition, the insider owned 6,230,300 shares in the company, valued at $20,559,990. This trade represents a 94.70% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 22.74% of the stock is owned by insiders.
Hedge Funds Weigh In On Prime Medicine
Several large investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC purchased a new position in shares of Prime Medicine in the second quarter valued at about $531,000. Bank of America Corp DE increased its stake in Prime Medicine by 28.0% during the second quarter. Bank of America Corp DE now owns 144,511 shares of the company's stock worth $357,000 after acquiring an additional 31,585 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Prime Medicine by 253.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock valued at $296,000 after buying an additional 85,938 shares during the period. Diametric Capital LP purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $261,000. Finally, Greenwich Wealth Management LLC boosted its holdings in shares of Prime Medicine by 3.3% in the second quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company's stock valued at $2,090,000 after purchasing an additional 27,200 shares during the period. 70.37% of the stock is currently owned by hedge funds and other 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.
Further Reading
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