Prime Medicine (NYSE:PRME) Stock Price Up 5.4% - Still a Buy?

Key Points

• Prime Medicine's stock price rose by 5.4% to $4.23, despite a 73% decline in trading volume compared to its average.
• Analysts have mixed views, with JMP Securities lowering its price target to $6.00, while other firms like Wedbush maintain a target of $8.00.
• The company has a market cap of $611.77 million, and approximately 70.37% of its shares are owned by institutional investors and hedge funds.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price rose 5.4% during trading on Tuesday . The stock traded as high as $4.16 and last traded at $4.23. Approximately 698,373 shares were traded during trading, a decline of 73% from the average daily volume of 2,539,750 shares. The stock had previously closed at $4.01.

Wall Street Analyst Weigh In

PRME has been the topic of several research reports. JMP Securities decreased their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research report on Tuesday, May 20th. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Wedbush reiterated an "outperform" rating and set a $8.00 price target on shares of Prime Medicine in a report on Wednesday, July 16th. Citigroup reissued a "neutral" rating and issued a $1.50 price objective (down previously from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Prime Medicine currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.92.

Prime Medicine Trading Up 13.4%

The company has a market capitalization of $611.77 million, a price-to-earnings ratio of -2.24 and a beta of 2.38. The stock's fifty day simple moving average is $3.88 and its 200-day simple moving average is $2.48.

Insider Buying and Selling at Prime Medicine

In other news, major shareholder David R. Liu acquired 21,000 shares of the company's stock in a transaction on Monday, June 23rd. The shares were bought at an average cost of $2.16 per share, with a total value of $45,360.00. Following the transaction, the insider owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This trade represents a 0.10% 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. Also, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were purchased at an average cost of $3.30 per share, with a total value of $9,999,990.00. Following the completion of the transaction, the insider owned 6,230,300 shares in the company, valued at approximately $20,559,990. The trade was a 94.70% increase in their position. The disclosure for this purchase can be found here. Insiders own 22.74% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PRME. Westwood Holdings Group Inc. boosted its holdings in shares of Prime Medicine by 96.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after acquiring an additional 433,653 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Prime Medicine by 1,419.4% in the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock valued at $485,000 after purchasing an additional 227,749 shares in the last quarter. Bridgeway Capital Management LLC acquired a new position in Prime Medicine during the 2nd quarter worth approximately $531,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of Prime Medicine by 4.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock valued at $8,245,000 after buying an additional 165,268 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Prime Medicine in the second quarter worth $330,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

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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