Intech Investment Management LLC Invests $55,000 in Prime Medicine, Inc. (NYSE:PRME)

Intech Investment Management LLC bought a new stake in Prime Medicine, Inc. (NYSE:PRME) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,102 shares of the company’s stock, valued at approximately $55,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Squarepoint Ops LLC raised its position in Prime Medicine by 6.5% in the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after acquiring an additional 3,895 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of Prime Medicine during the second quarter valued at $29,000. National Bank of Canada FI purchased a new stake in shares of Prime Medicine during the second quarter valued at $34,000. Nisa Investment Advisors LLC boosted its position in shares of Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after purchasing an additional 7,702 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its stake in Prime Medicine by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock valued at $89,000 after buying an additional 8,985 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Stock Performance

Prime Medicine stock opened at $3.27 on Monday. Prime Medicine, Inc. has a 52 week low of $2.85 and a 52 week high of $9.86. The firm has a market capitalization of $428.90 million, a PE ratio of -1.60 and a beta of 1.88. The business’s 50-day simple moving average is $3.70 and its 200-day simple moving average is $4.67.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. Research analysts forecast that Prime Medicine, Inc. will post -1.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PRME shares. HC Wainwright reiterated a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. Chardan Capital dropped their price target on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. StockNews.com raised Prime Medicine to a “sell” rating in a research report on Thursday, November 14th. Finally, Guggenheim reissued a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

Prime Medicine Company 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.