Redmile Group LLC Has $14.52 Million Stock Position in Prime Medicine, Inc. (NYSE:PRME)

Redmile Group LLC raised its stake in Prime Medicine, Inc. (NYSE:PRME) by 56.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,074,350 shares of the company’s stock after purchasing an additional 750,000 shares during the period. Redmile Group LLC owned 1.73% of Prime Medicine worth $14,520,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRME. Chelsea Counsel Co. grew its stake in Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after purchasing an additional 4,400 shares during the period. SG Americas Securities LLC bought a new position in shares of Prime Medicine in the fourth quarter worth $90,000. China Universal Asset Management Co. Ltd. purchased a new position in Prime Medicine during the 4th quarter valued at about $100,000. ProShare Advisors LLC lifted its stake in Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after purchasing an additional 2,520 shares in the last quarter. Finally, Strs Ohio bought a new stake in Prime Medicine during the fourth quarter valued at $151,000. 70.37% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PRME. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Saturday. HC Wainwright initiated coverage on shares of Prime Medicine in a report on Monday, May 20th. They set a “buy” rating and a $10.00 target price on the stock. TD Cowen started coverage on Prime Medicine in a research report on Monday, April 8th. They issued a “buy” rating for the company. JPMorgan Chase & Co. cut their price target on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Finally, Citigroup raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus price target of $15.09.

Prime Medicine Stock Performance

Shares of PRME stock traded down $0.04 during mid-day trading on Monday, hitting $5.57. The company’s stock had a trading volume of 455,616 shares, compared to its average volume of 789,128. Prime Medicine, Inc. has a 52-week low of $4.11 and a 52-week high of $15.75. The stock has a market cap of $668.57 million, a price-to-earnings ratio of -2.57 and a beta of 2.25. The business has a 50-day moving average price of $6.20 and a 200 day moving average price of $6.54.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, May 10th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.01. The company had revenue of $0.59 million for the quarter. Equities research analysts predict that Prime Medicine, Inc. will post -1.64 EPS for the current fiscal 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.