Prime Medicine, Inc. (NYSE:PRME) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its holdings in Prime Medicine, Inc. (NYSE:PRME) by 67.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 24,138 shares of the company’s stock after selling 50,790 shares during the period. The Manufacturers Life Insurance Company’s holdings in Prime Medicine were worth $124,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in Prime Medicine by 43.1% during the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after acquiring an additional 1,746,534 shares during the period. Millennium Management LLC lifted its holdings in shares of Prime Medicine by 205.7% during the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares during the period. Redmile Group LLC grew its position in Prime Medicine by 56.6% in the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after buying an additional 750,000 shares during the last quarter. Farallon Capital Management LLC acquired a new position in Prime Medicine in the 1st quarter valued at $5,250,000. Finally, Price T Rowe Associates Inc. MD raised its position in Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after buying an additional 301,431 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a report on Wednesday, October 2nd. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a report on Thursday, August 8th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.50.

Prime Medicine Trading Up 15.3 %

Shares of Prime Medicine stock opened at $4.38 on Monday. The company has a 50-day moving average of $3.93 and a two-hundred day moving average of $5.17. The stock has a market cap of $525.74 million, a PE ratio of -2.02 and a beta of 2.18. Prime Medicine, Inc. has a 12-month low of $3.28 and a 12-month high of $9.86.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, sell-side analysts forecast that Prime Medicine, Inc. will post -1.75 EPS for the current fiscal year.

About Prime Medicine

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.