Prime Medicine (NYSE:PRME) Trading Up 7.4% - Here's What Happened

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) traded up 7.4% on Monday . The company traded as high as $4.62 and last traded at $4.67. 784,534 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 1,700,867 shares. The stock had previously closed at $4.35.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Citigroup reissued a "neutral" rating and issued a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. JMP Securities cut their price objective on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th. Wedbush reaffirmed an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a report on Wednesday. Finally, Chardan Capital dropped their target price on Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.25.

Prime Medicine Price Performance

The firm has a fifty day simple moving average of $2.13 and a 200 day simple moving average of $2.20. The company has a market capitalization of $524.53 million, a price-to-earnings ratio of -1.90 and a beta of 2.33.

Insider Buying and Selling

In other Prime Medicine 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 completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders purchased 63,000 shares of company stock valued at $110,250 over the last quarter. 22.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in PRME. Charles Schwab Investment Management Inc. lifted its position in shares of Prime Medicine by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company's stock valued at $1,415,000 after acquiring an additional 20,614 shares in the last quarter. American Century Companies Inc. purchased a new position in Prime Medicine during the fourth quarter worth approximately $33,000. AXQ Capital LP purchased a new position in Prime Medicine during the fourth quarter worth approximately $45,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in Prime Medicine by 115.9% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 60,685 shares of the company's stock worth $177,000 after buying an additional 32,572 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Prime Medicine by 7.9% during the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock worth $4,287,000 after buying an additional 107,627 shares in the last quarter. Hedge funds and other institutional investors 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.