Prime Medicine, Inc. (NYSE:PRME – Get Free Report)’s share price was down 6.6% during trading on Tuesday after Guggenheim lowered their price target on the stock from $24.00 to $20.00. Guggenheim currently has a buy rating on the stock. Prime Medicine traded as low as $8.15 and last traded at $8.19. Approximately 141,942 shares traded hands during trading, a decline of 79% from the average daily volume of 687,222 shares. The stock had previously closed at $8.77.
Several other brokerages have also commented on PRME. JPMorgan Chase & Co. dropped their price objective on Prime Medicine from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Tuesday, November 7th. Citigroup started coverage on Prime Medicine in a report on Friday, December 8th. They issued a “neutral” rating and a $10.00 price objective on the stock. Finally, Stifel Nicolaus downgraded Prime Medicine from a “buy” rating to a “hold” rating and decreased their target price for the company from $18.00 to $9.00 in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.57.
Insider Buying and Selling at Prime Medicine
In related news, Director Robert Nelsen bought 3,200,000 shares of the stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the acquisition, the director now owns 3,200,000 shares in the company, valued at $20,000,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.29% of the stock is owned by insiders.
Institutional Investors Weigh In On Prime Medicine
A number of large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of Prime Medicine by 894.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 11,441 shares of the company’s stock worth $168,000 after purchasing an additional 10,290 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Prime Medicine by 243.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 103,213 shares of the company’s stock worth $1,512,000 after purchasing an additional 73,145 shares during the period. Barclays PLC lifted its stake in shares of Prime Medicine by 47.7% during the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after purchasing an additional 2,543 shares during the period. American International Group Inc. lifted its stake in shares of Prime Medicine by 274.3% during the 2nd quarter. American International Group Inc. now owns 19,040 shares of the company’s stock worth $279,000 after purchasing an additional 13,953 shares during the period. Finally, Brown Brothers Harriman & Co. purchased a new position in shares of Prime Medicine during the 2nd quarter worth $147,000. Institutional investors and hedge funds own 47.41% of the company’s stock.
Prime Medicine Trading Down 9.7 %
The company has a market cap of $770.77 million, a PE ratio of -3.74 and a beta of 1.88. The business has a 50 day simple moving average of $7.83 and a two-hundred day simple moving average of $8.65.
About Prime Medicine
Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address 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.