Investors Purchase High Volume of Prime Medicine Call Options (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME) saw unusually large options trading activity on Monday. Stock investors acquired 3,683 call options on the stock. This represents an increase of 361% compared to the average volume of 799 call options.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PRME shares. Chardan Capital lowered their price target on shares of Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, May 19th. HC Wainwright lowered shares of Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Citigroup reiterated a “neutral” rating and issued a $1.50 price target (down from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. Finally, JMP Securities lowered 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 report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $10.08.

Prime Medicine Stock Performance

Shares of NYSE PRME opened at $3.80 on Tuesday. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.75. The firm’s 50 day moving average price is $1.73 and its 200 day moving average price is $2.12. The firm has a market cap of $498.92 million, a P/E ratio of -1.85 and a beta of 2.33.

Insiders Place Their Bets

In related news, major shareholder David R. Liu bought 21,000 shares of the stock in a transaction on Monday, June 23rd. The shares were bought at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the completion of the transaction, the insider owned 20,219,945 shares of the company’s stock, valued at $43,675,081.20. This represents a 0.10% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought 63,000 shares of company stock worth $110,250 in the last quarter. Corporate insiders own 22.93% of the company’s stock.

Hedge Funds Weigh In On Prime Medicine

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