Dimensional Fund Advisors LP Increases Position in Prime Medicine, Inc. $PRME

Dimensional Fund Advisors LP raised its holdings in shares of Prime Medicine, Inc. (NASDAQ:PRME) by 262.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 304,522 shares of the company’s stock after purchasing an additional 220,468 shares during the period. Dimensional Fund Advisors LP’s holdings in Prime Medicine were worth $1,060,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PRME. UBS Group AG raised its position in shares of Prime Medicine by 700.8% in the 4th quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock worth $8,469,000 after purchasing an additional 2,135,810 shares during the last quarter. MWG Caph Ltd purchased a new stake in Prime Medicine during the 4th quarter valued at about $6,219,000. RA Capital Management L.P. purchased a new stake in Prime Medicine during the 3rd quarter valued at about $16,620,000. Millennium Management LLC increased its stake in Prime Medicine by 858.4% during the 3rd quarter. Millennium Management LLC now owns 1,418,463 shares of the company’s stock valued at $7,858,000 after purchasing an additional 1,270,467 shares in the last quarter. Finally, Jain Global LLC bought a new stake in Prime Medicine during the 3rd quarter valued at about $248,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Stock Performance

NASDAQ:PRME opened at $3.09 on Friday. The stock has a 50-day simple moving average of $3.27 and a two-hundred day simple moving average of $3.45. The firm has a market capitalization of $560.46 million, a PE ratio of -2.92 and a beta of 2.31. Prime Medicine, Inc. has a 52-week low of $2.67 and a 52-week high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The firm had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Equities analysts forecast that Prime Medicine, Inc. will post -0.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PRME shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. New Street Research set a $8.00 price target on shares of Prime Medicine in a research report on Monday, June 29th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Wall Street Zen raised Prime Medicine from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Prime Medicine in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $7.53.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.