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

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

Institutional Trading of Prime Medicine

Institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its position in Prime Medicine by 1,316.4% in the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after purchasing an additional 6,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Prime Medicine in the 4th quarter worth $31,000. Jones Financial Companies Lllp purchased a new stake in shares of Prime Medicine during the third quarter valued at $49,000. Caitong International Asset Management Co. Ltd purchased a new stake in Prime Medicine during the fourth quarter valued at about $33,000. Finally, Sterling Investment Advisors Ltd. purchased a new position in Prime Medicine during the 3rd quarter worth approximately $55,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

PRME traded up $0.19 during trading hours on Wednesday, hitting $4.02. 883,552 shares of the stock were exchanged, compared to its average volume of 2,823,376. The stock has a market cap of $724.75 million, a price-to-earnings ratio of -1.96 and a beta of 2.70. The stock has a 50-day simple moving average of $3.73 and a 200-day simple moving average of $4.14. Prime Medicine has a 12 month low of $1.11 and a 12 month high of $6.94.

Analyst Ratings Changes

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

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.