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H.C. Wainwright analysts initates a Buy rating for Prime Medicine Inc (PRME)

Prime Medicine Inc’s recent filing unveils that its 10% Owner ARCH Venture Partners XII, LLC acquired Company’s shares for reported $20.0 million on Feb 15 ’24. In the deal valued at $6.25 per share,3,200,000 shares were bought. As a result of this transaction, ARCH Venture Partners XII, LLC now holds 3,200,000 shares worth roughly $21.02 million.

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Then, ARCH Venture Partners X, LLC bought 3,200,000 shares, generating $20,000,000 in total proceeds. Upon buying the shares at $6.25, the 10% Owner now owns 3,200,000 shares.

Before that, NELSEN ROBERT bought 3,200,000 shares. Prime Medicine Inc shares valued at $20,000,000 were divested by the Director at a price of $6.25 per share. As a result of the transaction, NELSEN ROBERT now holds 3,200,000 shares, worth roughly $21.02 million.

H.C. Wainwright initiated its Prime Medicine Inc [PRME] rating to a Buy in a research note published on May 20, 2024; the price target was $10. A number of analysts have revised their coverage, including Citigroup’s analysts, who increased its forecast for the stock in mid May from “a Neutral” to “a Buy”. Chardan Capital Markets began covering PRME with “Buy” recommendation on April 22, 2024. TD Cowen started covering the stock on April 08, 2024. It rated PRME as “a Buy”.

Price Performance Review of PRME

On Friday, Prime Medicine Inc [NASDAQ:PRME] saw its stock fall -4.64% to $6.57. Over the last five days, the stock has gained 1.39%. Prime Medicine Inc shares have fallen nearly -25.85% since the year began. Nevertheless, the stocks have fallen -60.87% over the past one year. While a 52-week high of $17.20 was reached on 02/27/24, a 52-week low of $4.11 was recorded on 04/25/24. SMA at 50 days reached $5.97, while 200 days put it at $7.81. A total of 0.69 million shares were traded, compared to the trading of 0.47 million shares in the previous session.

Levels Of Support And Resistance For PRME Stock

The 24-hour chart illustrates a support level at 6.44, which if violated will result in even more drops to 6.31. On the upside, there is a resistance level at 6.82. A further resistance level may holdings at 7.07. The Relative Strength Index (RSI) on the 14-day chart is 51.70, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.17, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 75.89%. Stochastics %K at 29.02% indicates the stock is a holding.

The most recent change occurred on April 03, 2024 when Wedbush began covering the stock and recommended ‘”an Outperform”‘ rating along with a $12 price target.

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