Deerfield Management Company L.P. Series C Buys 11,646 Shares of Prime Medicine, Inc. (NYSE:PRME)

Deerfield Management Company L.P. Series C grew its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 1.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 896,960 shares of the company’s stock after acquiring an additional 11,646 shares during the period. Deerfield Management Company L.P. Series C owned about 0.75% of Prime Medicine worth $4,610,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PRME. Trexquant Investment LP bought a new position in Prime Medicine during the fourth quarter valued at $239,000. Bollard Group LLC bought a new position in shares of Prime Medicine during the 4th quarter worth $3,200,000. Vestal Point Capital LP purchased a new stake in Prime Medicine in the 4th quarter worth about $180,000. Chelsea Counsel Co. raised its stake in Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after acquiring an additional 4,400 shares during the period. Finally, Green Alpha Advisors LLC lifted its holdings in Prime Medicine by 14.2% during the first quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock valued at $236,000 after purchasing an additional 4,200 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Stock Down 2.6 %

Shares of NYSE PRME opened at $3.41 on Thursday. The stock’s 50-day simple moving average is $4.43 and its two-hundred day simple moving average is $5.58. Prime Medicine, Inc. has a twelve month low of $3.40 and a twelve month high of $10.66. The firm has a market capitalization of $409.31 million, a P/E ratio of -1.57 and a beta of 2.18.

Prime Medicine (NYSE:PRME) last announced its earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.06). As a group, research analysts anticipate that Prime Medicine, Inc. will post -1.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research report on Friday, August 9th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Finally, Wedbush restated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.11.

Prime Medicine Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company 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.