Prime Medicine closed a public offering of 43.7 million shares, raising approximately $144.2 million for its gene therapy programs.
Quiver AI Summary
Prime Medicine, Inc., a biotech company specializing in one-time curative genetic therapies, has successfully closed a public offering of 43.7 million shares of common stock at a price of $3.30 per share, raising approximately $144.2 million in gross proceeds. This offering included the full exercise of underwriters' options for an additional 5.7 million shares, with TD Cowen and BMO Capital Markets serving as joint book-running managers. Notably, 1.8 million shares were sold to the Cystic Fibrosis Foundation without any commissions. The offering was conducted under a shelf registration statement previously filed with the SEC, and relevant prospectus documents are available on the SEC's website. Prime Medicine uses its proprietary Prime Editing technology to develop gene editing therapies focused on treating diseases in the liver, lung, and in oncology and immunology.
Potential Positives
- Prime Medicine successfully raised approximately $144.2 million from its recent public offering, enhancing its financial position to support ongoing development of its gene editing therapies.
- The offering's success, including the full exercise of the underwriters’ option, demonstrates strong demand and confidence in Prime Medicine's business model and growth potential.
- The engagement of reputable underwriters, TD Cowen and BMO Capital Markets, indicates strong market presence and credibility within the biotechnology sector.
- Prime Medicine's innovative Prime Editing platform is highlighted as a core asset, positioning the company as a leader in the development of one-time curative genetic therapies.
Potential Negatives
- The public offering of shares at $3.30 may indicate a lack of investor confidence, as the price could reflect a lower valuation of the company compared to previous trading levels.
- The issuance of a significant number of shares (43,700,000) may dilute existing shareholders' equity, leading to potential dissatisfaction among current investors.
- The absence of discounts or commissions for a substantial portion of shares sold to the Cystic Fibrosis Foundation may raise questions about the perceived value and feasibility of Prime Medicine’s offerings.
FAQ
What was the public offering price for Prime Medicine's common stock?
The public offering price for Prime Medicine's common stock was $3.30 per share.
How many shares were sold in the Prime Medicine offering?
The offering included 43,700,000 shares of common stock, including an additional 5,700,000 shares from the underwriters’ option.
What were the gross proceeds from the offering?
Prime Medicine raised approximately $144.2 million in gross proceeds from this offering.
Who managed the underwritten public offering?
TD Cowen and BMO Capital Markets acted as joint book-running managers for the offering.
Where can I find the final prospectus supplement for this offering?
The final prospectus supplement is available on the SEC’s website at www.sec.gov and can be obtained from TD Securities and BMO Capital Markets.
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 53 institutional investors add shares of $PRME stock to their portfolio, and 71 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SUMITOMO MITSUI TRUST GROUP, INC. removed 1,331,505 shares (-45.5%) from their portfolio in Q2 2025, for an estimated $3,288,817
- 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
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., Aug. 01, 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 closing of its underwritten public offering of 43,700,000 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 5,700,000 additional shares of its common stock, at a public offering price of $3.30 per share. The underwriters did 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. All of the shares of common stock in the offering were sold by Prime Medicine. The gross proceeds to Prime Medicine from the offering, before deducting underwriting discounts and commissions and offering expenses, were approximately $144.2 million.
TD Cowen and BMO Capital Markets acted as joint book-running managers for the offering.
The shares of common stock were offered by Prime Medicine pursuant to an effective shelf registration statement on Form S-3 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 was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC and is available on the SEC’s website at www.sec.gov.
Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from 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.
Investor and Media Contacts
Gregory Dearborn
Prime Medicine
857-209-0696
[email protected]
Hannah Deresiewicz
Precision AQ
212-362-1200
[email protected]
