Prime Medicine (NYSE:PRME) Shares Up 9.8% - Time to Buy?

Key Points

• Prime Medicine's shares surged 9.8% to $6.58, despite a trading volume decline of 74% from its average, indicating strong market interest.
• Analysts have set a consensus rating of "Moderate Buy" for PRME with an average price target of $8.92, while Chardan Capital lowered its target from $12 to $10.
• Insider Arch Venture Partners significantly increased their stake by acquiring over 3 million shares, enhancing investor confidence in the company's prospects.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) shares shot up 9.8% on Wednesday . The stock traded as high as $6.30 and last traded at $6.58. 694,854 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 2,723,450 shares. The stock had previously closed at $5.99.

Analysts Set New Price Targets

Several brokerages have weighed in on PRME. Chardan Capital lowered their target price on shares of Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Wedbush restated an "outperform" rating and issued a $8.00 target price on shares of Prime Medicine in a research note on Wednesday, July 16th. One 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's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $8.92.

Prime Medicine Stock Performance

The firm's 50 day moving average is $4.43 and its two-hundred day moving average is $2.99. The stock has a market capitalization of $799.23 million, a PE ratio of -2.90 and a beta of 2.65.

Insiders Place Their Bets

In other news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the company's stock in a transaction 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 transaction, the insider owned 6,230,300 shares in the company, valued at approximately $20,559,990. This trade represents a 94.70% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of the company. Green Alpha Advisors LLC increased its position in shares of Prime Medicine by 141.0% in the 3rd quarter. Green Alpha Advisors LLC now owns 190,353 shares of the company's stock valued at $1,055,000 after purchasing an additional 111,359 shares during the last quarter. Shelton Wealth Management LLC purchased a new stake in shares of Prime Medicine in the 3rd quarter valued at approximately $96,000. Bridgeway Capital Management LLC purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $531,000. Bank of America Corp DE increased its position in shares of Prime Medicine by 28.0% in the 2nd quarter. Bank of America Corp DE now owns 144,511 shares of the company's stock valued at $357,000 after purchasing an additional 31,585 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Prime Medicine by 253.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock valued at $296,000 after purchasing an additional 85,938 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other 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.

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