Barclays PLC Boosts Stake in Prime Medicine, Inc. (NYSE:PRME)

Barclays PLC boosted its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 343.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 84,697 shares of the company’s stock after purchasing an additional 65,593 shares during the period. Barclays PLC’s holdings in Prime Medicine were worth $328,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PRME. Geode Capital Management LLC raised its stake in shares of Prime Medicine by 4.9% in the third 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 period. Millennium Management LLC increased 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 worth $6,841,000 after acquiring an additional 895,610 shares in the last quarter. State Street Corp raised its stake in 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 acquiring an additional 43,086 shares during the period. Vestal Point Capital LP lifted its holdings in Prime Medicine by 137.8% during the third 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 in the last quarter. Finally, Deerfield Management Company L.P. Series C boosted its position in shares of Prime Medicine by 1.3% in the second quarter. Deerfield Management Company L.P. Series C now owns 896,960 shares of the company’s stock worth $4,610,000 after purchasing an additional 11,646 shares during the period. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Trading Up 0.7 %

Shares of Prime Medicine stock opened at $2.89 on Monday. The firm has a market cap of $379.06 million, a PE ratio of -1.41 and a beta of 1.86. The stock has a 50 day moving average of $3.13 and a 200 day moving average of $3.94. Prime Medicine, Inc. has a 12 month low of $2.56 and a 12 month high of $9.77.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. As a group, equities research analysts forecast that Prime Medicine, Inc. will post -1.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PRME. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. JMP Securities began coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price objective for the company. Guggenheim reissued a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.13.

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.