Bank of New York Mellon Corp Acquires 26,478 Shares of Prime Medicine, Inc. (NYSE:PRME)

Bank of New York Mellon Corp lifted its holdings in shares of Prime Medicine, Inc. (NYSE:PRME) by 20.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 155,992 shares of the company’s stock after acquiring an additional 26,478 shares during the period. Bank of New York Mellon Corp owned approximately 0.12% of Prime Medicine worth $310,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in shares of Prime Medicine during the 4th quarter worth about $59,000. Rhumbline Advisers increased its position in shares of Prime Medicine by 13.8% during the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock worth $163,000 after purchasing an additional 9,944 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Prime Medicine during the 4th quarter worth about $33,000. Jane Street Group LLC increased its position in shares of Prime Medicine by 76.8% during the 4th quarter. Jane Street Group LLC now owns 101,758 shares of the company’s stock worth $297,000 after purchasing an additional 44,210 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Prime Medicine by 3.9% during the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company’s stock worth $1,591,000 after purchasing an additional 20,389 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Prime Medicine Trading Up 11.4%

PRME opened at $4.50 on Tuesday. The stock has a market capitalization of $605.23 million, a PE ratio of -2.20 and a beta of 2.33. Prime Medicine, Inc. has a 1-year low of $1.11 and a 1-year high of $5.17. The firm has a 50-day moving average price of $2.88 and a two-hundred day moving average price of $2.31.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. 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 set a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. HC Wainwright cut shares of Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. Chardan Capital dropped their target price on shares of Prime Medicine from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, May 19th. Finally, Wedbush reiterated an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.25.

Insider Activity

In related news, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $3.30 per share, for a total transaction of $9,999,990.00. Following the transaction, the insider owned 6,230,300 shares of the company’s stock, valued at $20,559,990. The trade was a 94.70% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David R. Liu acquired 21,000 shares of the stock in a transaction on Monday, June 23rd. The stock was bought at an average price of $2.16 per share, with a total value of $45,360.00. Following the transaction, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This represents a 0.10% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 3,093,300 shares of company stock valued at $10,110,240 in the last 90 days. Corporate insiders own 22.93% of the company’s stock.

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.