Prime Medicine (NYSE:PRME) Trading Up 8% - What's Next?

Key Points

• Prime Medicine's stock rose 8% to $6.04, although trading volume decreased by 44% from its average session volume.
• Analysts have given the stock an average rating of "Moderate Buy" with an average target price of $8.92, indicating optimism despite some price target reductions.
• Major shareholder Arch Venture Partners acquired over 3 million shares, increasing their ownership stake significantly, which may signal confidence in the company's future.

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) traded up 8% during trading on Thursday . The company traded as high as $6.04 and last traded at $6.04. 1,475,092 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 2,626,362 shares. The stock had previously closed at $5.59.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wedbush reaffirmed an "outperform" rating and set a $8.00 price target on shares of Prime Medicine in a research report on Wednesday, July 16th. Chardan Capital cut their target price on Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 8th. One equities 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $8.92.

Prime Medicine Stock Performance

The company has a 50-day simple moving average of $4.07 and a two-hundred day simple moving average of $2.73. The firm has a market capitalization of $890.21 million, a P/E ratio of -3.23 and a beta of 2.38.

Insider Transactions at Prime Medicine

In other news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the firm's stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $3.30 per share, for a total transaction of $9,999,990.00. Following the completion of the acquisition, the insider owned 6,230,300 shares in the company, valued at $20,559,990. This trade represents a 94.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 22.74% of the company's stock.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently bought and sold shares of the business. Bridgeway Capital Management LLC bought a new position in shares of Prime Medicine during the second quarter valued at approximately $531,000. Bank of America Corp DE increased its position in Prime Medicine by 28.0% during the 2nd quarter. Bank of America Corp DE now owns 144,511 shares of the company's stock valued at $357,000 after buying an additional 31,585 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Prime Medicine by 253.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock valued at $296,000 after buying an additional 85,938 shares during the last quarter. Diametric Capital LP bought a new stake in Prime Medicine in the second quarter worth $261,000. Finally, Greenwich Wealth Management LLC boosted its holdings in Prime Medicine by 3.3% in the second quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company's stock worth $2,090,000 after acquiring an additional 27,200 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.