Wellington Management Group LLP Invests $1.12 Million in Prime Medicine, Inc. $PRME

Wellington Management Group LLP acquired a new stake in Prime Medicine, Inc. (NASDAQ:PRME) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 304,444 shares of the company’s stock, valued at approximately $1,123,000. Wellington Management Group LLP owned approximately 0.17% of Prime Medicine as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Creative Planning purchased a new position in Prime Medicine in the 2nd quarter worth $25,000. Royal Bank of Canada boosted its position in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after buying an additional 4,365 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Prime Medicine during the fourth quarter valued at about $33,000. Glen Eagle Advisors LLC bought a new position in shares of Prime Medicine during the fourth quarter valued at about $35,000. Finally, Wealthfront Advisers LLC bought a new position in shares of Prime Medicine during the first quarter valued at about $36,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. New Street Research set a $8.00 target price on Prime Medicine in a research note on Monday, June 29th. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a research report on Monday, August 10th. Chardan Capital assumed coverage on Prime Medicine in a research note on Tuesday, August 25th. They issued a “buy” rating and a $7.00 price target on the stock. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Finally, Wall Street Zen raised Prime Medicine from a “sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Trading Down 6.6%

PRME stock opened at $3.13 on Friday. The stock has a market capitalization of $567.72 million, a price-to-earnings ratio of -2.95 and a beta of 2.34. The firm’s 50-day moving average price is $3.36 and its two-hundred day moving average price is $3.44. Prime Medicine, Inc. has a 12-month low of $2.67 and a 12-month high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.24). The company had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Equities analysts predict that Prime Medicine, Inc. will post -0.96 EPS for the current year.

Prime Medicine Company Profile

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.