Prime Medicine announced a public offering of 38 million shares at $3.30 each, aiming for $125.4 million in proceeds.
Quiver AI Summary
Prime Medicine, Inc. announced the pricing of a public offering of 38,000,000 shares of common stock at $3.30 per share, aiming to raise approximately $125.4 million in gross proceeds. An additional 5,700,000 shares may be purchased by underwriters within 30 days. The offering is set to close around August 1, 2025, pending customary closing conditions. All shares are being sold by Prime Medicine, with TD Cowen and BMO Capital Markets acting as joint book-running managers. The offering follows an effective shelf registration statement filed with the SEC in November 2023. Prime Medicine is focused on developing a new class of gene editing therapies, especially targeting diseases in liver, lung, and oncology areas.
Potential Positives
- Prime Medicine is set to raise approximately $125.4 million in gross proceeds from the public offering, providing significant funding for its gene editing therapies.
- The offering includes a strategic partnership with the Cystic Fibrosis Foundation, showcasing commitment to addressing specific health challenges.
- The offering supports the company's diversified portfolio of investigational therapeutic programs, reinforcing its position in the biotechnology sector focused on impactful gene editing solutions.
Potential Negatives
- Pricing the public offering at $3.30 per share may indicate pressure on the company's stock price, especially if it is seen as low compared to market expectations or previous valuations.
- The issuance of a significant amount of new shares (38,000,000) could dilute existing shareholders' equity, potentially leading to negative reactions from investors.
- The offering's dependence on market conditions and customary closing conditions may introduce uncertainty regarding its successful completion and the company's immediate financial stability.
FAQ
What is the price of Prime Medicine's public offering?
The public offering price is set at $3.30 per share for 38,000,000 shares.
How much gross proceeds is Prime Medicine expecting from the offering?
The gross proceeds from the offering are expected to be approximately $125.4 million, excluding any underwriters’ option exercise.
When is the expected closing date for the offering?
The offering is expected to close on or about August 1, 2025, pending customary closing conditions.
Who are the underwriters for this public offering?
TD Cowen and BMO Capital Markets are acting as joint book-running managers for the offering.
Where can I find the prospectus for this offering?
The preliminary prospectus supplement is available on the SEC's website at www.sec.gov.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PRME Insider Trading Activity
$PRME insiders have traded $PRME stock on the open market 7 times in the past 6 months. Of those trades, 7 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $PRME stock by insiders over the last 6 months:
- DAVID R. LIU has made 4 purchases buying 84,000 shares for an estimated $163,016 and 0 sales.
- ALLAN REINE (Chief Executive Officer) purchased 125,000 shares for an estimated $147,150
- ANN L. LEE (Chief Technical Officer) purchased 100,000 shares for an estimated $112,999
- RICHARD BRUDNICK (Chief Business Officer) purchased 20,000 shares for an estimated $23,790
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PRME Hedge Fund Activity
We have seen 54 institutional investors add shares of $PRME stock to their portfolio, and 70 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WESTWOOD HOLDINGS GROUP INC removed 883,129 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $1,757,426
- ARK INVESTMENT MANAGEMENT LLC removed 772,503 shares (-25.0%) from their portfolio in Q2 2025, for an estimated $1,908,082
- RENAISSANCE TECHNOLOGIES LLC added 447,600 shares (+inf%) to their portfolio in Q1 2025, for an estimated $890,724
- WALLEYE CAPITAL LLC removed 403,739 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $803,440
- BANK OF AMERICA CORP /DE/ removed 317,687 shares (-73.8%) from their portfolio in Q1 2025, for an estimated $632,197
- AQR CAPITAL MANAGEMENT LLC added 227,749 shares (+1419.4%) to their portfolio in Q1 2025, for an estimated $453,220
- BLACKROCK, INC. removed 218,573 shares (-4.8%) from their portfolio in Q1 2025, for an estimated $434,960
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$PRME Analyst Ratings
Wall Street analysts have issued reports on $PRME in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- JMP Securities issued a "Market Outperform" rating on 05/20/2025
- Chardan Capital issued a "Buy" rating on 05/19/2025
- Citizens Capital Markets issued a "Market Outperform" rating on 03/04/2025
To track analyst ratings and price targets for $PRME, check out Quiver Quantitative's $PRME forecast page.
$PRME Price Targets
Multiple analysts have issued price targets for $PRME recently. We have seen 5 analysts offer price targets for $PRME in the last 6 months, with a median target of $10.0.
Here are some recent targets:
- Samantha Semenkow from Citigroup set a target price of $1.5 on 05/27/2025
- Silvan Tuerkcan from JMP Securities set a target price of $6.0 on 05/20/2025
- Geulah Livshits from Chardan Capital set a target price of $12.0 on 05/19/2025
- Arthur He from HC Wainwright & Co. set a target price of $10.0 on 03/19/2025
- Silvan Tuerkcan from Citizens Capital Markets set a target price of $10.0 on 03/04/2025
Full Release
CAMBRIDGE, Mass., July 30, 2025 (GLOBE NEWSWIRE) -- Prime Medicine, Inc. (Nasdaq: PRME), a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, today announced the pricing of an underwritten public offering of 38,000,000 shares of its common stock at a public offering price of $3.30 per share. The underwriters will not receive any discounts or commissions with respect to an aggregate of 1,818,181 shares of common stock sold to the Cystic Fibrosis Foundation. Prime Medicine has also granted the underwriters a 30-day option to purchase up to an additional 5,700,000 shares of its common stock. The gross proceeds to Prime Medicine from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $125.4 million, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares of common stock in the offering are to be sold by Prime Medicine. The offering is expected to close on or about August 1, 2025, subject to satisfaction of customary closing conditions.
TD Cowen and BMO Capital Markets are acting as joint book-running managers for the offering.
The shares of common stock are being offered by Prime Medicine pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (SEC) on November 3, 2023 and declared effective by the SEC on November 13, 2023 (File No. 333-275321). The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov .
The final prospectus supplement relating to and describing the final terms of the offering will be filed with the SEC and may be obtained, when available, TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846, or by email at [email protected]; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 West 42nd Street, 32nd Floor, New York, New York 10036, by email at [email protected] .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Prime Medicine
Prime Medicine is a leading biotechnology company dedicated to creating and delivering the next generation of gene editing therapies to patients. The Company is deploying its proprietary Prime Editing platform, a versatile, precise and efficient gene editing technology, to develop a new class of differentiated one-time curative genetic therapies. Prime Editors are designed to make only the right edit at the right position within a gene while minimizing unwanted DNA modifications.
Prime Medicine is currently progressing a diversified portfolio of investigational therapeutic programs organized around our core areas of focus: liver, lung, and immunology and oncology. Across each core area, Prime Medicine is focused initially on a set of high value programs, each targeting a disease with well-understood biology and a clearly defined clinical development and regulatory path.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements about Prime Medicine’s beliefs and expectations regarding: the timing and closing of the public offering. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and satisfaction of customary closing conditions related to the public offering. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Prime Medicine’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and any of its subsequent filings with the SEC. In addition, any forward-looking statements represent Prime Medicine’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Prime Medicine explicitly disclaims any obligation to update any forward-looking statements subject to any obligations under applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
Investor and Media Contacts
Gregory Dearborn
Prime Medicine
857-209-0696
[email protected]
Hannah Deresiewicz
Precision AQ
212-362-1200
[email protected]