Geode Capital Management LLC Raises Stock Position in Prime Medicine, Inc. (NYSE:PRME)

Geode Capital Management LLC raised its holdings in Prime Medicine, Inc. (NYSE:PRME) by 7.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,467,606 shares of the company’s stock after purchasing an additional 107,627 shares during the quarter. Geode Capital Management LLC owned 1.12% of Prime Medicine worth $4,287,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Prime Medicine by 115.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 60,685 shares of the company’s stock valued at $177,000 after buying an additional 32,572 shares in the last quarter. AXQ Capital LP purchased a new stake in shares of Prime Medicine during the fourth quarter worth $45,000. American Century Companies Inc. acquired a new position in Prime Medicine during the fourth quarter worth about $33,000. Greenwich Wealth Management LLC boosted its position in Prime Medicine by 5.6% during the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company’s stock worth $2,260,000 after acquiring an additional 41,000 shares during the last quarter. Finally, Vestmark Advisory Solutions Inc. grew its stake in Prime Medicine by 23.8% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 111,465 shares of the company’s stock valued at $325,000 after acquiring an additional 21,429 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Prime Medicine Price Performance

NYSE PRME opened at $1.69 on Friday. The company has a market cap of $221.66 million, a P/E ratio of -0.82 and a beta of 1.88. Prime Medicine, Inc. has a 12 month low of $1.12 and a 12 month high of $8.27. The company has a 50-day moving average of $1.89 and a 200-day moving average of $2.78.

Prime Medicine (NYSE:PRME) last announced 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 business posted ($2.18) earnings per share. As a group, equities research analysts anticipate 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.