Prime Medicine, Inc. $PRME Shares Acquired by Alphabet Inc.

Alphabet Inc. increased its holdings in Prime Medicine, Inc. (NYSE:PRME) by 10.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,562,498 shares of the company’s stock after buying an additional 1,500,000 shares during the quarter. Prime Medicine comprises 3.8% of Alphabet Inc.’s portfolio, making the stock its 10th largest holding. Alphabet Inc. owned about 12.31% of Prime Medicine worth $91,756,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. boosted its position in Prime Medicine by 127.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock worth $20,110,000 after acquiring an additional 2,035,406 shares during the period. Greenwich Wealth Management LLC raised its stake in shares of Prime Medicine by 3.3% during the second quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company’s stock valued at $2,090,000 after purchasing an additional 27,200 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Prime Medicine by 1,419.4% in the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after purchasing an additional 227,749 shares during the period. Bridgeway Capital Management LLC bought a new position in Prime Medicine in the 2nd quarter valued at about $531,000. Finally, Green Alpha Advisors LLC grew its position in Prime Medicine by 141.0% in the 3rd quarter. Green Alpha Advisors LLC now owns 190,353 shares of the company’s stock valued at $1,055,000 after buying an additional 111,359 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Trading Down 0.6%

PRME stock opened at $3.30 on Friday. Prime Medicine, Inc. has a one year low of $1.11 and a one year high of $6.94. The firm has a 50-day moving average of $3.83 and a two-hundred day moving average of $4.17. The firm has a market capitalization of $595.69 million, a PE ratio of -1.61 and a beta of 2.70.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Chardan Capital dropped their price target on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Lifesci Capital started coverage on Prime Medicine in a report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $8.00 target price on shares of Prime Medicine in a research report on Monday, November 10th. Finally, Citigroup lowered their price target on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.21.

About Prime Medicine

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.