FIL Ltd Reduces Holdings in Prime Medicine, Inc. (NYSE:PRME)

FIL Ltd lowered its position in Prime Medicine, Inc. (NYSE:PRME) by 6.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 121,017 shares of the company’s stock after selling 8,844 shares during the period. FIL Ltd’s holdings in Prime Medicine were worth $353,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRME. China Universal Asset Management Co. Ltd. raised its position in shares of Prime Medicine by 20.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock valued at $81,000 after buying an additional 4,725 shares during the last quarter. Levin Capital Strategies L.P. raised its holdings in Prime Medicine by 7.1% in the 4th quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock valued at $219,000 after acquiring an additional 5,000 shares during the last quarter. American Century Companies Inc. purchased a new position in Prime Medicine in the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC boosted its holdings in shares of Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after purchasing an additional 12,507 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Prime Medicine by 28.2% in the fourth quarter. SG Americas Securities LLC now owns 60,229 shares of the company’s stock valued at $176,000 after purchasing an additional 13,247 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Price Performance

Shares of NYSE PRME opened at $1.33 on Tuesday. Prime Medicine, Inc. has a 52-week low of $1.12 and a 52-week high of $8.27. The business’s 50 day moving average is $2.09 and its two-hundred day moving average is $2.91. The firm has a market cap of $174.44 million, a price-to-earnings ratio of -0.65 and a beta of 1.88.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same quarter last year, the firm earned ($2.18) EPS. Analysts anticipate that Prime Medicine, Inc. will post -1.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PRME shares. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, March 19th. Chardan Capital boosted their price target on shares of Prime Medicine from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, March 20th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. Finally, Wedbush reiterated an “outperform” rating and issued a $13.00 target price (up from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

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.