Geode Capital Management LLC Purchases 63,456 Shares of Prime Medicine, Inc. (NYSE:PRME)

Geode Capital Management LLC grew its holdings in Prime Medicine, Inc. (NYSE:PRME) by 4.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,359,979 shares of the company’s stock after acquiring an additional 63,456 shares during the quarter. Geode Capital Management LLC’s holdings in Prime Medicine were worth $5,264,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PRME. Vestal Point Capital LP boosted its stake in Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after purchasing an additional 620,000 shares during the period. Millennium Management LLC boosted its position in shares of Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after acquiring an additional 895,610 shares during the period. Westwood Holdings Group Inc. boosted its position in shares of Prime Medicine by 125.0% in the second quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock valued at $1,843,000 after acquiring an additional 199,229 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Prime Medicine in the third quarter worth $55,000. Finally, State Street Corp increased its position in Prime Medicine by 3.9% during the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after acquiring an additional 43,086 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PRME. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research report on Wednesday, November 13th. JMP Securities started coverage on Prime Medicine in a research report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 target price on the stock. Chardan Capital cut their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Guggenheim restated a “buy” rating and set a $18.00 price objective 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 given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.67.

Prime Medicine Price Performance

Prime Medicine stock opened at $3.35 on Friday. The business has a 50 day simple moving average of $3.35 and a 200 day simple moving average of $4.16. The company has a market capitalization of $439.39 million, a PE ratio of -1.63 and a beta of 1.86. Prime Medicine, Inc. has a one year low of $2.56 and a one year high of $9.77.

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

About Prime Medicine

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.