Prime Medicine (NYSE:PRME) Shares Gap Down - What's Next?

Key Points

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Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $3.92, but opened at $3.62. Prime Medicine shares last traded at $3.70, with a volume of 3,005,966 shares traded.

Analysts Set New Price Targets

Several research firms recently weighed in on PRME. HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. JMP Securities lowered their target price on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. Citigroup reaffirmed 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. Wedbush reaffirmed an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a report on Wednesday, July 16th. Finally, Chardan Capital lowered their target price on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a report on Monday, May 19th. 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 company. According to data from MarketBeat.com, Prime Medicine currently has an average rating of "Moderate Buy" and an average target price of $9.25.

Prime Medicine Trading Up 12.5%

The company has a market cap of $611.55 million, a price-to-earnings ratio of -2.22 and a beta of 2.33. The firm's fifty day moving average price is $2.82 and its 200-day moving average price is $2.29.

Insider Buying and Selling at Prime Medicine

In other news, major shareholder David R. Liu purchased 21,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was bought 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 of the company's stock, valued at approximately $43,675,081.20. This represents a 0.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Arch Venture Partners Xii, Llc purchased 3,030,300 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $3.30 per share, with a total value of $9,999,990.00. Following the acquisition, the insider directly 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 disclosure for this purchase can be found here. Insiders bought a total of 3,093,300 shares of company stock valued at $10,110,240 in the last three months. 22.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new stake in Prime Medicine in the 4th quarter valued at $59,000. Rhumbline Advisers lifted its position 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 acquiring an additional 9,944 shares in the last quarter. American Century Companies Inc. bought a new stake in Prime Medicine in the 4th quarter valued at $33,000. Jane Street Group LLC lifted its position in Prime Medicine by 76.8% in the 4th quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock valued at $297,000 after acquiring an additional 44,210 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Prime Medicine by 3.9% in the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company's stock valued at $1,591,000 after acquiring an additional 20,389 shares in the last quarter. 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.