Redmile Group LLC Takes $5.54 Million Position in Prime Medicine, Inc. $PRME

Redmile Group LLC purchased a new position in shares of Prime Medicine, Inc. (NASDAQ:PRME) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,590,832 shares of the company’s stock, valued at approximately $5,536,000. Prime Medicine accounts for 0.4% of Redmile Group LLC’s portfolio, making the stock its 28th biggest holding. Redmile Group LLC owned 0.88% of Prime Medicine at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Sei Investments Co. acquired a new stake in shares of Prime Medicine during the 1st quarter valued at approximately $102,000. Dimensional Fund Advisors LP boosted its stake in shares of Prime Medicine by 262.3% during the first quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock valued at $1,060,000 after acquiring an additional 220,468 shares during the last quarter. Swiss National Bank raised its stake in Prime Medicine by 5.0% in the 1st quarter. Swiss National Bank now owns 178,600 shares of the company’s stock valued at $622,000 after purchasing an additional 8,500 shares during the last quarter. Wealthfront Advisers LLC purchased a new position in Prime Medicine in the 1st quarter valued at about $36,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Prime Medicine by 8.3% during the 1st quarter. Bank of New York Mellon Corp now owns 267,219 shares of the company’s stock worth $930,000 after purchasing an additional 20,449 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on PRME shares. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. New Street Research set a $8.00 price target on shares of Prime Medicine in a research report on Monday, June 29th. The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $7.53.

Prime Medicine Price Performance

NASDAQ PRME opened at $3.09 on Wednesday. The company has a market capitalization of $558.11 million, a price-to-earnings ratio of -2.51 and a beta of 2.26. Prime Medicine, Inc. has a 12 month low of $2.67 and a 12 month high of $6.94. The company’s fifty day moving average price is $3.30 and its two-hundred day moving average price is $3.55.

Prime Medicine (NASDAQ:PRME) last issued its earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The company had revenue of $0.86 million during the quarter. As a group, analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current year.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.