Millennium Management LLC Has $6.84 Million Stock Holdings in Prime Medicine, Inc. (NYSE:PRME)

Millennium Management LLC grew its holdings in Prime Medicine, Inc. (NYSE:PRME) by 205.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,330,927 shares of the company’s stock after purchasing an additional 895,610 shares during the quarter. Millennium Management LLC owned about 1.11% of Prime Medicine worth $6,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in PRME. Chelsea Counsel Co. increased its holdings in Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares in the last quarter. ORG Partners LLC bought a new position in shares of Prime Medicine in the second quarter valued at approximately $29,000. National Bank of Canada FI bought a new position in shares of Prime Medicine in the second quarter valued at approximately $34,000. Nisa Investment Advisors LLC grew its holdings in shares of Prime Medicine by 22,652.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of Prime Medicine by 19.8% in the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after acquiring an additional 2,520 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

NYSE:PRME opened at $3.58 on Friday. The company has a market cap of $429.71 million, a P/E ratio of -1.62 and a beta of 2.18. The stock’s fifty day moving average price is $4.03 and its two-hundred day moving average price is $5.32. Prime Medicine, Inc. has a 1 year low of $3.28 and a 1 year high of $9.86.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). On average, analysts expect that Prime Medicine, Inc. will post -1.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.