Prime Medicine Stock Down 18.98% Since IPO

Prime Medicine PRME opened up its shares for public trading for the first time since it filed for IPO in September 2022. The company agreed to initially offer 10.29 million shares to the public at $17.00 per share. On its first day of trading, the stock decreased 18.98% from its opening price of $18.97 to its closing price of $15.37.

Prime Medicine Performance On First Day of Trading

About Prime Medicine and It's IPO

Prime Medicine is a biotechnology company committed to delivering a new class of differentiated, one-time, curative genetic therapies to address the widest spectrum of diseases.

For its IPO, PRME agreed to offer 10.29 million shares at a price of $17.00 per share, with an insider lock-up period of 180 days, ending on April 18, 2023.

An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.

Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.