Prime Medicine (NYSE:PRME) Shares Up 6.9% - Time to Buy?

Key Points

• Prime Medicine's stock price increased by 6.9% to $4.10 amid reduced trading volume of approximately 462,317 shares, significantly lower than its average daily volume.
• Analyst ratings on Prime Medicine are mixed, with a consensus rating of "Moderate Buy" and a target price averaging $9.25, down from earlier targets set by different firms.
• Insider activity saw major shareholder David R. Liu purchase 21,000 shares at $2.16 each, indicating continued confidence in the company's potential.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) rose 6.9% during mid-day trading on Wednesday . The company traded as high as $4.07 and last traded at $4.10. Approximately 462,317 shares changed hands during trading, a decline of 80% from the average daily volume of 2,318,446 shares. The stock had previously closed at $3.83.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. Wedbush reissued an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a research report on Wednesday, July 16th. JMP Securities cut 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. Finally, Chardan Capital cut their target price on Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $9.25.

Prime Medicine Stock Up 4.4%

The stock has a market capitalization of $525.07 million, a PE ratio of -1.91 and a beta of 2.33. The business's 50-day moving average is $2.76 and its two-hundred day moving average is $2.29.

Insiders Place Their Bets

In related news, major shareholder David R. Liu purchased 21,000 shares of Prime Medicine stock in a transaction that occurred on Monday, June 23rd. The stock was purchased at an average cost of $2.16 per share, with a total value of $45,360.00. Following the completion of the transaction, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. The trade was a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 63,000 shares of company stock valued at $110,250 over the last three months. 22.74% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new position in Prime Medicine in the fourth quarter valued at $59,000. Rhumbline Advisers increased its stake in Prime Medicine by 13.8% in the first quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after purchasing an additional 9,944 shares during the period. American Century Companies Inc. acquired a new position in Prime Medicine in the fourth quarter valued at $33,000. Jane Street Group LLC increased its stake in Prime Medicine by 76.8% in the fourth quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock valued at $297,000 after purchasing an additional 44,210 shares during the period. Finally, Northern Trust Corp increased its stake in Prime Medicine by 3.9% in the fourth quarter. Northern Trust Corp now owns 544,937 shares of the company's stock valued at $1,591,000 after purchasing an additional 20,389 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.