Millennium Management LLC Buys 895,610 Shares of Prime Medicine, Inc. (NYSE:PRME)

Millennium Management LLC increased its holdings in Prime Medicine, Inc. (NYSE:PRME) by 205.7% during the 2nd quarter, Holdings Channel reports. The firm owned 1,330,927 shares of the company’s stock after buying an additional 895,610 shares during the period. Millennium Management LLC’s holdings in Prime Medicine were worth $6,841,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PRME. Chelsea Counsel Co. grew its stake in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares during the last quarter. Green Alpha Advisors LLC lifted its holdings in Prime Medicine by 14.2% in the first quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock worth $236,000 after buying an additional 4,200 shares during the period. TrueMark Investments LLC lifted its holdings in Prime Medicine by 13.5% in the first quarter. TrueMark Investments LLC now owns 85,183 shares of the company’s stock worth $596,000 after buying an additional 10,153 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in Prime Medicine by 98.8% in the first quarter. China Universal Asset Management Co. Ltd. now owns 22,378 shares of the company’s stock worth $157,000 after buying an additional 11,120 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Prime Medicine in the first quarter worth about $148,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Stock Up 0.6 %

Shares of PRME opened at $3.58 on Friday. The company has a market capitalization of $429.71 million, a P/E ratio of -1.62 and a beta of 2.18. The firm has a 50 day moving average of $4.03 and a 200 day moving average of $5.32. Prime Medicine, Inc. has a twelve month low of $3.28 and a twelve month high of $9.86.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, sell-side analysts expect that Prime Medicine, Inc. will post -1.77 EPS for the current year.

Analyst Ratings Changes

Several analysts have commented on PRME shares. Wedbush restated an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a report on Thursday, August 8th. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.50.

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.