Oppenheimer & Co. Inc. Decreases Stake in Prime Medicine, Inc. (NYSE:PRME)

Oppenheimer & Co. Inc. lessened its position in shares of Prime Medicine, Inc. (NYSE:PRME) by 32.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,106 shares of the company’s stock after selling 5,765 shares during the period. Oppenheimer & Co. Inc.’s holdings in Prime Medicine were worth $35,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PRME. Geode Capital Management LLC raised its holdings in Prime Medicine by 4.9% during the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after purchasing an additional 63,456 shares in the last quarter. State Street Corp raised its stake in Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after acquiring an additional 43,086 shares in the last quarter. Vestal Point Capital LP lifted its position in Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after acquiring an additional 620,000 shares during the last quarter. Walleye Capital LLC acquired a new position in Prime Medicine in the third quarter valued at $419,000. Finally, GSA Capital Partners LLP acquired a new position in Prime Medicine in the third quarter valued at $383,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PRME shares. HC Wainwright reissued a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a report on Monday, March 3rd. Wedbush reaffirmed an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a research report on Friday, February 28th. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. JMP Securities initiated coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock. Finally, Chardan Capital reiterated a “buy” rating and issued a $15.00 price target on shares of Prime Medicine in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.13.

Prime Medicine Price Performance

NYSE:PRME opened at $2.40 on Monday. The firm has a market cap of $314.79 million, a price-to-earnings ratio of -1.17 and a beta of 1.85. The firm’s fifty day moving average price is $2.80 and its 200 day moving average price is $3.35. Prime Medicine, Inc. has a 1-year low of $2.12 and a 1-year high of $8.58.

Prime Medicine (NYSE:PRME) last issued its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same quarter last year, the firm earned ($2.18) EPS. As a group, analysts expect that Prime Medicine, Inc. will post -1.68 earnings per share 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.