Geode Capital Management LLC Has $5.26 Million Stock Position in Prime Medicine, Inc. (NYSE:PRME)

Geode Capital Management LLC increased its position in shares of Prime Medicine, Inc. (NYSE:PRME) by 4.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,359,979 shares of the company’s stock after acquiring an additional 63,456 shares during the quarter. Geode Capital Management LLC owned 1.04% of Prime Medicine worth $5,264,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. National Bank of Canada FI purchased a new position in Prime Medicine during the 2nd quarter worth approximately $34,000. Paloma Partners Management Co purchased a new position in shares of Prime Medicine during the third quarter valued at $45,000. Intech Investment Management LLC acquired a new position in Prime Medicine during the third quarter valued at $55,000. Corsair Capital Management L.P. purchased a new stake in Prime Medicine in the 3rd quarter worth about $77,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in Prime Medicine by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock worth $89,000 after acquiring an additional 8,985 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Price Performance

NYSE PRME opened at $3.35 on Friday. Prime Medicine, Inc. has a fifty-two week low of $2.56 and a fifty-two week high of $9.77. The stock’s 50-day moving average is $3.35 and its two-hundred day moving average is $4.16. The firm has a market cap of $439.39 million, a P/E ratio of -1.63 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. On average, equities analysts expect that Prime Medicine, Inc. will post -1.7 EPS for the current year.

Analyst Ratings Changes

PRME has been the topic of a number of research reports. JMP Securities started coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Chardan Capital decreased their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, Guggenheim reissued a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.67.

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.