Prime Medicine Target of Unusually High Options Trading (NYSE:PRME)

Key Points

• Prime Medicine, Inc. (NYSE:PRME) experienced an 80% increase in call options trading, with investors buying 5,359 call options on Wednesday compared to the average of 2,976.
• Major shareholder Arch Venture Partners acquired 3,030,300 shares at $3.30 per share, increasing their ownership in the company by 94.70%.
• Analysts have given Prime Medicine a consensus price target of $8.92, with ratings ranging from "Strong Buy" to "Hold".

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) was the target of unusually large options trading activity on Wednesday. Investors purchased 5,359 call options on the company. This represents an increase of approximately 80% compared to the average daily volume of 2,976 call options.

Prime Medicine Price Performance

PRME traded down $0.23 during trading on Friday, reaching $4.89. The company had a trading volume of 5,321,615 shares, compared to its average volume of 2,609,384. Prime Medicine has a 12 month low of $1.11 and a 12 month high of $5.20. The business's fifty day moving average price is $3.91 and its 200 day moving average price is $2.55. The company has a market cap of $658.07 million, a P/E ratio of -2.39 and a beta of 2.38.

Insider Transactions at Prime Medicine

In other news, major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 6,230,300 shares of the company's stock, valued at $20,559,990. This trade represents a 94.70% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder David R. Liu bought 21,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were purchased at an average price of $2.16 per share, with a total value of $45,360.00. Following the transaction, the insider directly owned 20,219,945 shares in the company, valued at $43,675,081.20. This represents a 0.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company 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. Creative Planning bought a new position in Prime Medicine in the second quarter valued at approximately $25,000. Freedom Investment Management Inc. bought a new stake in shares of Prime Medicine in the second quarter worth $26,000. R Squared Ltd bought a new stake in shares of Prime Medicine in the second quarter worth $31,000. JTC Employer Solutions Trustee Ltd bought a new stake in shares of Prime Medicine in the second quarter worth $33,000. Finally, Savant Capital LLC bought a new stake in shares of Prime Medicine in the second quarter worth $37,000. Institutional investors own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRME. Chardan Capital dropped their target price on shares of Prime Medicine from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Citigroup restated a "neutral" rating and issued a $1.50 price objective (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. Finally, Wedbush restated an "outperform" rating and issued a $8.00 price objective on shares of Prime Medicine in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $8.92.

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.