Prime Medicine (NYSE:PRME) Shares Up 7.8% - Still a Buy?

Key Points

• Prime Medicine's shares increased by 7.8% during trading, closing at $6.33, although the trading volume was down by 69% from the average.
• Analysts have varied price targets for Prime Medicine, with Chardan Capital reducing its target from $12.00 to $10.00, while the consensus rating remains a "Moderate Buy" with an average target price of $8.92.
• Insider Arch Venture Partners significantly increased their stake by acquiring 3,030,300 shares at an average cost of $3.30 per share, boosting their total ownership to approximately 22.74% of the company's stock.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) shares shot up 7.8% during trading on Wednesday . The company traded as high as $6.29 and last traded at $6.33. 818,292 shares traded hands during trading, a decline of 69% from the average session volume of 2,675,138 shares. The stock had previously closed at $5.87.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Chardan Capital reduced their price target on shares of Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Wedbush reissued an "outperform" rating and set a $8.00 price target on shares of Prime Medicine in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $8.92.

Prime Medicine Stock Performance

The company's 50-day moving average is $4.24 and its 200-day moving average is $2.86. The firm has a market cap of $901.78 million, a price-to-earnings ratio of -3.26 and a beta of 2.65.

Insider Activity

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

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently made changes to their positions in PRME. Creative Planning bought a new position in shares of Prime Medicine in the 2nd quarter valued at about $25,000. Freedom Investment Management Inc. bought a new position in shares of Prime Medicine in the second quarter valued at $26,000. R Squared Ltd bought a new position in shares of Prime Medicine in the 2nd quarter valued at about $31,000. JTC Employer Solutions Trustee Ltd bought a new position in shares of Prime Medicine during the 2nd quarter worth approximately $33,000. Finally, Savant Capital LLC bought a new stake in shares of Prime Medicine during the 2nd quarter worth about $37,000. 70.37% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.