38,545 Shares in Prime Medicine, Inc. (NYSE:PRME) Bought by Verition Fund Management LLC

Verition Fund Management LLC bought a new position in shares of Prime Medicine, Inc. (NYSE:PRME) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 38,545 shares of the company’s stock, valued at approximately $149,000.

A number of other institutional investors have also added to or reduced their stakes in the business. National Bank of Canada FI purchased a new stake in shares of Prime Medicine during the 2nd quarter valued at $34,000. Nisa Investment Advisors LLC increased its stake in Prime Medicine by 22,652.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Prime Medicine during the third quarter valued at about $55,000. Corsair Capital Management L.P. bought a new stake in Prime Medicine during the third quarter worth about $77,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Prime Medicine by 63.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock worth $89,000 after purchasing an additional 8,985 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Price Performance

PRME stock opened at $3.00 on Tuesday. Prime Medicine, Inc. has a 1 year low of $2.81 and a 1 year high of $9.80. The firm has a 50-day moving average of $3.64 and a 200 day moving average of $4.52. The company has a market cap of $393.48 million, a P/E ratio of -1.46 and a beta of 1.88.

Prime Medicine (NYSE:PRME) last released its earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. On average, equities research analysts expect that Prime Medicine, Inc. will post -1.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. 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. JMP Securities initiated coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Finally, Chardan Capital lowered their target price 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.67.

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.