Balyasny Asset Management L.P. Acquires New Shares in Prime Medicine, Inc. (NYSE:PRME)

Balyasny Asset Management L.P. bought a new position in Prime Medicine, Inc. (NYSE:PRME) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 16,342 shares of the company’s stock, valued at approximately $48,000.

Other hedge funds also recently bought and sold shares of the company. American Century Companies Inc. bought a new stake in shares of Prime Medicine in the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC grew 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 worth $37,000 after acquiring an additional 12,507 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Prime Medicine during the 4th quarter worth $42,000. AXQ Capital LP bought a new position in shares of Prime Medicine during the 4th quarter valued at $45,000. Finally, Impact Partnership Wealth LLC bought a new position in shares of Prime Medicine during the 4th quarter valued at $50,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Down 16.0%

Shares of NYSE:PRME opened at $1.34 on Tuesday. The company has a market cap of $175.28 million, a price-to-earnings ratio of -0.65 and a beta of 1.90. The business has a 50 day moving average price of $1.56 and a 200 day moving average price of $2.50. Prime Medicine, Inc. has a twelve month low of $1.12 and a twelve month high of $8.27.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wedbush reissued an “outperform” rating and set a $13.00 target price (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, March 19th. Chardan Capital reduced their target price on Prime Medicine from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $12.60.

Prime Medicine Company 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.