FIL Ltd Decreases Stake in Prime Medicine, Inc. (NYSE:PRME)

FIL Ltd cut its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 6.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 121,017 shares of the company’s stock after selling 8,844 shares during the quarter. FIL Ltd owned about 0.09% of Prime Medicine worth $353,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new stake in Prime Medicine during the 4th quarter valued at about $33,000. Nisa Investment Advisors LLC boosted its position in Prime Medicine by 11,474.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after buying an additional 12,507 shares during the last quarter. AXQ Capital LP acquired a new position in Prime Medicine in the 4th quarter worth approximately $45,000. Impact Partnership Wealth LLC purchased a new position in Prime Medicine during the 4th quarter worth approximately $50,000. Finally, Avanza Fonder AB acquired a new stake in Prime Medicine during the 4th quarter valued at approximately $66,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

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

Prime Medicine Stock Performance

Shares of PRME opened at $1.33 on Tuesday. The firm has a market cap of $174.44 million, a P/E ratio of -0.65 and a beta of 1.88. The stock’s 50 day moving average is $2.09 and its two-hundred day moving average is $2.91. Prime Medicine, Inc. has a 12 month low of $1.12 and a 12 month high of $8.27.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same period in the prior year, the firm earned ($2.18) EPS. Equities research analysts forecast that Prime Medicine, Inc. will post -1.68 EPS for the current 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.