Green Alpha Advisors LLC Invests $188,000 in Prime Medicine, Inc. (NYSE:PRME)

Green Alpha Advisors LLC acquired a new stake in Prime Medicine, Inc. (NYSE:PRME) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 64,406 shares of the company’s stock, valued at approximately $188,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Vestal Point Capital LP lifted its stake in shares of Prime Medicine by 137.8% in 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 last quarter. Millennium Management LLC raised its holdings in Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after buying an additional 895,610 shares during the period. Westwood Holdings Group Inc. raised its holdings in Prime Medicine by 125.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock valued at $1,843,000 after buying an additional 199,229 shares during the period. Geode Capital Management LLC lifted its position in Prime Medicine by 4.9% in the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock valued at $5,264,000 after buying an additional 63,456 shares during the last quarter. Finally, Barclays PLC boosted its stake in Prime Medicine by 343.3% during the third quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after buying an additional 65,593 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Stock Performance

Shares of PRME opened at $2.77 on Tuesday. The stock has a 50-day simple moving average of $3.23 and a 200-day simple moving average of $4.01. Prime Medicine, Inc. has a 1 year low of $2.56 and a 1 year high of $9.77. The stock has a market capitalization of $363.32 million, a PE ratio of -1.35 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The business had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. Analysts predict that Prime Medicine, Inc. will post -1.7 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Guggenheim restated a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a report on Tuesday, December 3rd. JMP Securities assumed coverage on Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price target on the stock. Chardan Capital dropped their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Monday, January 6th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.67.

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.