David R. Liu Purchases 21,000 Shares of Prime Medicine, Inc. (NYSE:PRME) Stock

Prime Medicine, Inc. (NYSE:PRME) major shareholder David R. Liu bought 21,000 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was bought at an average cost of $1.49 per share, for a total transaction of $31,290.00. Following the acquisition, the insider now owns 20,198,945 shares of the company’s stock, valued at approximately $30,096,428.05. This trade represents a 0.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Prime Medicine Trading Up 2.7%

Shares of PRME traded up $0.04 during trading hours on Monday, reaching $1.50. The company had a trading volume of 1,017,448 shares, compared to its average volume of 1,374,833. Prime Medicine, Inc. has a 12-month low of $1.11 and a 12-month high of $7.07. The firm has a 50 day simple moving average of $1.40 and a 200-day simple moving average of $2.19. The company has a market capitalization of $196.94 million, a price-to-earnings ratio of -0.73 and a beta of 1.55.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new stake in shares of Prime Medicine in the 4th quarter worth approximately $59,000. American Century Companies Inc. acquired a new position in shares of Prime Medicine during the 4th quarter worth $33,000. Jane Street Group LLC boosted its position in shares of Prime Medicine by 76.8% in the 4th quarter. Jane Street Group LLC now owns 101,758 shares of the company’s stock worth $297,000 after buying an additional 44,210 shares in the last quarter. Northern Trust Corp grew its stake in Prime Medicine by 3.9% in the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company’s stock valued at $1,591,000 after acquiring an additional 20,389 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Prime Medicine by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock valued at $4,287,000 after acquiring an additional 107,627 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Prime Medicine in a report on Tuesday, May 20th. JMP Securities dropped their price target on shares of Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating on the stock in a research note on Tuesday, May 20th. 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, Chardan Capital lowered their price objective on Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $10.08.

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.