Insider Selling: Prime Medicine, Inc. (NYSEARCA:PRME) Major Shareholder Sells $347,128.80 in Stock

Posted by Defense World Staff on May 19th, 2023

Prime Medicine, Inc. (NYSEARCA:PRME – Get Rating) major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $12.72, for a total transaction of $347,128.80. Following the completion of the sale, the insider now directly owns 10,958,925 shares of the company’s stock, valued at $139,397,526. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

2019 Gp L.L.C. Gv also recently made the following trade(s):

On Wednesday, May 17th, 2019 Gp L.L.C. Gv sold 15,000 shares of Prime Medicine stock. The stock was sold at an average price of $12.77, for a total transaction of $191,550.00.
On Monday, May 15th, 2019 Gp L.L.C. Gv sold 157,952 shares of Prime Medicine stock. The shares were sold at an average price of $12.74, for a total transaction of $2,012,308.48.
On Wednesday, May 10th, 2019 Gp L.L.C. Gv sold 87,397 shares of Prime Medicine stock. The stock was sold at an average price of $14.03, for a total value of $1,226,179.91.
On Monday, May 8th, 2019 Gp L.L.C. Gv sold 100,772 shares of Prime Medicine stock. The stock was sold at an average price of $14.13, for a total value of $1,423,908.36.

Prime Medicine Stock Up 0.2 %

PRME opened at $13.05 on Friday. The business’s 50 day moving average is $13.00 and its two-hundred day moving average is $16.23. Prime Medicine, Inc. has a 52 week low of $11.07 and a 52 week high of $21.73.

Institutional Trading of Prime Medicine

Institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD purchased a new position in Prime Medicine during the fourth quarter worth about $44,194,000. ARK Investment Management LLC acquired a new position in shares of Prime Medicine during the fourth quarter valued at $30,471,000. EcoR1 Capital LLC acquired a new stake in Prime Medicine in the fourth quarter worth about $11,148,000. Nikko Asset Management Americas Inc. lifted its holdings in Prime Medicine by 104.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 999,333 shares of the company’s stock worth $10,993,000 after purchasing an additional 511,107 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Prime Medicine by 104.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 997,572 shares of the company’s stock valued at $12,270,000 after acquiring an additional 509,346 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Morgan Stanley decreased their target price on Prime Medicine from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 24th. Stifel Nicolaus assumed coverage on Prime Medicine in a research note on Monday, April 17th. They issued a “buy” rating and a $18.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

About Prime Medicine

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Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address diseases by deploying gene editing technology. It 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.