Prime Medicine (NYSE:PRME) Stock Price Down 3.4% - Here's What Happened

Key Points

• Prime Medicine's stock fell 3.4% to $6.23, with trading volume down 85% from its average, highlighting a significant decrease in investor interest.
• Analysts have varying ratings on the stock, with a consensus rating of "Moderate Buy" and a price target of $8.92, indicating some optimism despite recent declines.
• Major shareholder Arch Venture Partners significantly increased their stake in the company, acquiring over 3 million shares, suggesting insider confidence in Prime Medicine's future.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) shares fell 3.4% on Thursday . The company traded as low as $6.25 and last traded at $6.23. 416,626 shares changed hands during trading, a decline of 85% from the average session volume of 2,691,316 shares. The stock had previously closed at $6.45.

Analyst Upgrades and Downgrades

PRME has been the topic of a number of research reports. Wedbush restated an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a research note 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 research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $8.92.

Prime Medicine Stock Down 3.4%

The firm's fifty day simple moving average is $4.34 and its two-hundred day simple moving average is $2.90. The firm has a market cap of $838.40 million, a PE ratio of -3.04 and a beta of 2.65.

Insider Buying and Selling

In other Prime Medicine news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the stock in a transaction dated 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 transaction, the insider directly owned 6,230,300 shares of the company's stock, valued at approximately $20,559,990. The trade was a 94.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 22.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in Prime Medicine by 13.8% during the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after buying an additional 9,944 shares in the last quarter. Palumbo Wealth Management LLC bought a new stake in Prime Medicine in the 1st quarter valued at $190,000. Bank of New York Mellon Corp lifted its stake in Prime Medicine by 20.4% in the 1st quarter. Bank of New York Mellon Corp now owns 155,992 shares of the company's stock worth $310,000 after purchasing an additional 26,478 shares in the last quarter. Cerity Partners LLC bought a new position in shares of Prime Medicine during the 1st quarter valued at about $62,000. Finally, CWM LLC grew its position in shares of Prime Medicine by 741.5% during the first quarter. CWM LLC now owns 20,466 shares of the company's stock valued at $41,000 after purchasing an additional 18,034 shares in the last quarter. 70.37% of the stock is currently 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.

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