Prime Medicine, Inc. (NYSE:PRME) Shares Purchased by Redmile Group LLC

Redmile Group LLC grew its holdings in shares of Prime Medicine, Inc. (NYSE:PRME) by 56.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,074,350 shares of the company’s stock after purchasing an additional 750,000 shares during the period. Redmile Group LLC’s holdings in Prime Medicine were worth $14,520,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after buying an additional 1,746,534 shares during the last quarter. Bollard Group LLC acquired a new position in Prime Medicine during the 4th quarter worth $3,200,000. Price T Rowe Associates Inc. MD grew its stake in shares of Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of Prime Medicine during the first quarter valued at $1,115,000. Finally, Vestmark Advisory Solutions Inc. bought a new stake in shares of Prime Medicine during the 4th quarter worth about $1,278,000. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Stock Down 0.7 %

Shares of Prime Medicine stock traded down $0.04 during trading on Monday, hitting $5.57. The stock had a trading volume of 455,616 shares, compared to its average volume of 789,128. The company has a market capitalization of $668.57 million, a PE ratio of -2.57 and a beta of 2.25. Prime Medicine, Inc. has a 1 year low of $4.11 and a 1 year high of $15.75. The stock has a 50 day simple moving average of $6.20 and a 200 day simple moving average of $6.54.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Friday, May 10th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.01. The business had revenue of $0.59 million for the quarter. As a group, equities analysts expect that Prime Medicine, Inc. will post -1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on PRME. Wedbush reiterated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Tuesday, April 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 price objective (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. HC Wainwright assumed coverage on Prime Medicine in a research note on Monday, May 20th. They set a “buy” rating and a $10.00 target price for the company. TD Cowen assumed coverage on shares of Prime Medicine in a research report on Monday, April 8th. They issued a “buy” rating on the stock. Finally, Chardan Capital assumed coverage on shares of Prime Medicine in a report on Monday, April 22nd. They issued a “buy” rating and a $17.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.09.

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.