Prime Medicine's (NYSEARCA:PRME – Get Rating) quiet period will end on Tuesday, November 29th. Prime Medicine had issued 10,294,118 shares in its public offering on October 20th. The total size of the offering was $175,000,006 based on an initial share price of $17.00. During the company's quiet period, insiders and underwriters that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the end of the company's quiet period, it's expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Morgan Stanley assumed coverage on Prime Medicine in a research report on Monday, November 14th. They issued an "equal weight" rating and a $23.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of Prime Medicine in a report on Monday, November 14th. They set an "overweight" rating and a $27.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Prime Medicine in a report on Monday, November 14th. They issued a "buy" rating and a $25.00 price target for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Prime Medicine in a research note on Monday, November 14th. They set a "neutral" rating and a $22.00 price objective on the stock.
Get Prime Medicine alerts:Prime Medicine Price Performance
Shares of NYSEARCA:PRME traded down $0.11 on Tuesday, reaching $17.33. 227,386 shares of the company traded hands, compared to its average volume of 340,970. Prime Medicine has a fifty-two week low of $14.52 and a fifty-two week high of $21.73. The company's 50 day moving average is $19.34 and its 200-day moving average is $19.91.
Insider Buying and Selling at Prime Medicine
In other news, Director Thomas Cahill purchased 400,000 shares of the company's stock in a transaction dated Monday, October 24th. The shares were bought at an average price of $17.00 per share, with a total value of $6,800,000.00. Following the completion of the transaction, the director now directly owns 5,305,679 shares in the company, valued at approximately $90,196,543. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Prime Medicine news, major shareholder 2019 Gp L.L.C. Gv acquired 800,000 shares of Prime Medicine stock in a transaction dated Monday, October 24th. The stock was bought at an average cost of $17.00 per share, with a total value of $13,600,000.00. Following the completion of the transaction, the insider now owns 11,522,248 shares of the company's stock, valued at $195,878,216. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas Cahill acquired 400,000 shares of Prime Medicine stock in a transaction dated Monday, October 24th. The stock was acquired at an average cost of $17.00 per share, with a total value of $6,800,000.00. Following the completion of the transaction, the director now directly owns 5,305,679 shares of the company's stock, valued at approximately $90,196,543. The disclosure for this purchase can be found here.About Prime Medicine
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Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address diseases by deploying gene editing technology. It 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.
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