Stock Traders Buy High Volume of Prime Medicine Call Options (NYSE:PRME)

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

Analyst Ratings Changes

A number of equities analysts have weighed in on PRME shares. Wedbush reiterated an "outperform" rating and set a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. JMP Securities cut their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. JPMorgan Chase & Co. restated a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Finally, Citigroup reissued a "neutral" rating and issued a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy 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 $10.08.

Prime Medicine Stock Performance

Shares of PRME traded up $0.30 during trading hours on Tuesday, hitting $4.10. 5,446,731 shares of the stock were exchanged, compared to its average volume of 1,624,229. The stock's 50-day moving average price is $1.73 and its two-hundred day moving average price is $2.12. The company has a market cap of $538.31 million, a price-to-earnings ratio of -2.00 and a beta of 2.33. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $6.75.

Insider Activity at Prime Medicine

In other Prime Medicine 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 purchased 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 directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have acquired 63,000 shares of company stock valued at $110,250. 22.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds have recently modified their holdings of the business. Rhumbline Advisers grew its stake in Prime Medicine by 13.8% during the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after acquiring an additional 9,944 shares in the last quarter. Chelsea Counsel Co. boosted its holdings in shares of Prime Medicine by 11.5% during the 1st quarter. Chelsea Counsel Co. now owns 208,210 shares of the company's stock worth $414,000 after purchasing an additional 21,430 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Prime Medicine during the 1st quarter worth approximately $101,000. AQR Capital Management LLC boosted its holdings in shares of Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock worth $485,000 after purchasing an additional 227,749 shares during the last quarter. Finally, Ieq Capital LLC purchased a new stake in shares of Prime Medicine in the first quarter valued at approximately $69,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

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.