Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s share price traded up 7.4% on Monday . The stock traded as high as $4.62 and last traded at $4.67. 784,534 shares traded hands during trading, a decline of 54% from the average session volume of 1,700,867 shares. The stock had previously closed at $4.35.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on PRME. Chardan Capital reduced their price target on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. HC Wainwright lowered shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. Citigroup reaffirmed a "neutral" rating and set a $1.50 price target (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Finally, Wedbush reaffirmed an "outperform" rating and set a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $10.08.
Check Out Our Latest Analysis on Prime Medicine
Prime Medicine Stock Up 8.4%
The stock has a market cap of $634.14 million, a PE ratio of -2.30 and a beta of 2.33. The firm has a fifty day moving average of $1.95 and a 200 day moving average of $2.17.
Insider Activity
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 price 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 $43,675,081.20. This trade represents a 0.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought a total of 63,000 shares of company stock worth $110,250 over the last 90 days. Company insiders own 22.93% of the company's stock.
Institutional Investors Weigh In On Prime Medicine
Hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prime Medicine by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company's stock valued at $1,415,000 after buying an additional 20,614 shares during the period. Greenwich Wealth Management LLC lifted its holdings in shares of Prime Medicine by 5.6% in the 4th quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock valued at $2,260,000 after buying an additional 41,000 shares during the period. American Century Companies Inc. acquired a new stake in shares of Prime Medicine in the 4th quarter valued at approximately $33,000. AXQ Capital LP acquired a new position in Prime Medicine during the fourth quarter worth $45,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings 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 purchasing an additional 32,572 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.
Prime Medicine Company Profile
(
Get Free Report)
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.
See Also
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