China Universal Asset Management Co. Ltd. Buys 4,725 Shares of Prime Medicine, Inc. (NYSE:PRME)

China Universal Asset Management Co. Ltd. grew its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 20.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 27,811 shares of the company’s stock after acquiring an additional 4,725 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Prime Medicine were worth $81,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vestal Point Capital LP lifted its position in shares of Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after buying an additional 620,000 shares during the last quarter. Millennium Management LLC lifted its position in shares of Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after buying an additional 895,610 shares during the last quarter. Barclays PLC lifted its position in shares of Prime Medicine by 343.3% during the 3rd 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 last quarter. Geode Capital Management LLC lifted its position in shares of Prime Medicine by 4.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after buying an additional 63,456 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after buying an additional 43,086 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PRME. HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. JMP Securities began coverage on Prime Medicine in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price for the company. Finally, Chardan Capital dropped their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Prime Medicine Trading Down 5.4 %

Shares of PRME stock opened at $2.65 on Tuesday. The stock has a market cap of $347.57 million, a price-to-earnings ratio of -1.29 and a beta of 1.86. The stock has a 50-day moving average of $3.02 and a 200-day moving average of $3.74. Prime Medicine, Inc. has a 1-year low of $2.56 and a 1-year high of $9.77.

Prime Medicine (NYSE:PRME) last released its 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 company had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. Sell-side analysts forecast that Prime Medicine, Inc. will post -1.68 earnings per share for the current year.

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.