Stock Traders Buy Large Volume of Call Options on Prime Medicine (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME) saw some unusual options trading activity on Wednesday. Traders bought 3,638 call options on the company. This is an increase of approximately 79% compared to the typical volume of 2,038 call options.

Wall Street Analyst Weigh In

Several analysts have recently commented on PRME shares. Citigroup decreased their price objective on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Wedbush reissued an “outperform” rating and issued a $8.00 price target on shares of Prime Medicine in a report on Monday, November 10th. Chardan Capital cut their price objective on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Finally, Lifesci Capital started coverage on shares of Prime Medicine in a research report on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $7.21.

Prime Medicine Stock Up 4.8%

Shares of PRME traded up $0.19 on Wednesday, reaching $4.02. The stock had a trading volume of 883,552 shares, compared to its average volume of 2,823,376. The firm has a 50-day moving average of $3.73 and a 200 day moving average of $4.14. The firm has a market capitalization of $724.75 million, a PE ratio of -1.96 and a beta of 2.70. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $6.94.

Institutional Trading of Prime Medicine

A number of large investors have recently made changes to their positions in PRME. Shelton Wealth Management LLC lifted its stake in shares of Prime Medicine by 15.8% during the fourth quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock valued at $70,000 after buying an additional 2,734 shares during the period. Sterling Investment Advisors Ltd. boosted its position in shares of Prime Medicine by 34.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock worth $46,000 after acquiring an additional 3,400 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of Prime Medicine by 10.5% during the 3rd quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock valued at $219,000 after buying an additional 3,775 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Prime Medicine by 16.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock worth $170,000 after acquiring an additional 4,280 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Prime Medicine by 16.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 31,602 shares of the company’s stock valued at $110,000 after buying an additional 4,470 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.