Prime Medicine, Inc. $PRME Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 112.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,007 shares of the company’s stock after buying an additional 13,777 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Prime Medicine were worth $64,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in Prime Medicine by 741.5% in the first quarter. CWM LLC now owns 20,466 shares of the company’s stock worth $41,000 after purchasing an additional 18,034 shares during the period. Cerity Partners LLC acquired a new position in Prime Medicine in the first quarter worth $62,000. Ieq Capital LLC acquired a new position in Prime Medicine in the first quarter worth $69,000. Brooklyn Investment Group boosted its holdings in Prime Medicine by 2,010.2% in the first quarter. Brooklyn Investment Group now owns 39,967 shares of the company’s stock worth $80,000 after purchasing an additional 38,073 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new position in Prime Medicine in the first quarter worth $101,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Insider Activity

In other news, major shareholder Arch Venture Partners Xii, Llc purchased 3,030,300 shares of Prime Medicine stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $3.30 per share, with a total value of $9,999,990.00. Following the completion of the acquisition, the insider owned 6,230,300 shares in the company, valued at $20,559,990. The trade was a 94.70% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 22.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on PRME. Chardan Capital decreased their price objective on shares of Prime Medicine from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $8.92.

Prime Medicine Stock Performance

Shares of PRME opened at $5.68 on Monday. Prime Medicine, Inc. has a 1 year low of $1.11 and a 1 year high of $6.94. The company has a market cap of $764.38 million, a price-to-earnings ratio of -2.77 and a beta of 2.65. The firm has a fifty day moving average of $4.37 and a 200-day moving average of $2.94.

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.