Fmr LLC Has $14.49 Million Stake in Prime Medicine, Inc. (NYSE:PRME)

Fmr LLC decreased its position in Prime Medicine, Inc. (NYSE:PRME) by 4.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,743,312 shares of the company’s stock after selling 184,541 shares during the period. Fmr LLC’s holdings in Prime Medicine were worth $14,487,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. ORG Partners LLC acquired a new position in Prime Medicine in the second quarter valued at $29,000. National Bank of Canada FI bought a new stake in Prime Medicine in the second 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 purchasing an additional 7,702 shares in the last quarter. Intech Investment Management LLC bought a new stake in Prime Medicine in the third quarter valued at $55,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Prime Medicine in the second quarter valued at $97,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. JMP Securities started coverage on shares of Prime Medicine in a research note on Tuesday. They issued an “outperform” rating and a $10.00 price target for the company. Chardan Capital decreased their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. Finally, Guggenheim reissued a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus price target of $12.67.

Prime Medicine Stock Performance

Shares of PRME stock opened at $3.22 on Wednesday. Prime Medicine, Inc. has a 52-week low of $2.85 and a 52-week high of $9.86. The company has a 50-day simple moving average of $3.69 and a two-hundred day simple moving average of $4.65. The company has a market capitalization of $422.34 million, a price-to-earnings ratio of -1.57 and a beta of 1.89.

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

Prime Medicine 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.