Prime Medicine Sees Unusually High Options Volume (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) was the recipient of some unusual options trading activity on Monday. Investors bought 3,683 call options on the stock. This is an increase of 361% compared to the average daily volume of 799 call options.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PRME shares. JMP Securities decreased their price objective on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 20th. Citigroup reaffirmed a "neutral" rating and issued a $1.50 price objective (down previously from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Wedbush reiterated an "outperform" rating and issued a $13.00 price target (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. restated a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $10.08.

Prime Medicine Trading Up 3.3%

PRME traded up $0.15 on Thursday, hitting $4.69. 6,029,587 shares of the company's stock were exchanged, compared to its average volume of 1,680,218. The stock has a fifty day moving average of $1.84 and a two-hundred day moving average of $2.15. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $6.75. The firm has a market cap of $615.77 million, a PE ratio of -2.29 and a beta of 2.33.

Insider Activity at Prime Medicine

In other news, major shareholder David R. Liu bought 21,000 shares of Prime Medicine stock in a transaction that occurred on Monday, June 23rd. The stock was bought at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, the insider directly owned 20,219,945 shares of the company's stock, valued at approximately $43,675,081.20. The trade was a 0.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 63,000 shares of company stock valued at $110,250. Company insiders own 22.93% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRME. Westwood Holdings Group Inc. lifted its stake in Prime Medicine by 96.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after buying an additional 433,653 shares during the last quarter. Walleye Capital LLC increased its stake in shares of Prime Medicine by 272.5% in the fourth quarter. Walleye Capital LLC now owns 403,739 shares of the company's stock valued at $1,179,000 after purchasing an additional 295,365 shares during the period. AQR Capital Management LLC boosted its position in shares of Prime Medicine by 1,419.4% during the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock worth $485,000 after buying an additional 227,749 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Prime Medicine by 4.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company's stock worth $11,616,000 after acquiring an additional 170,541 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Prime Medicine in the fourth quarter worth $423,000. Institutional investors and hedge funds 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.