PEAK6 LLC Purchases New Holdings in Prime Medicine, Inc. $PRME

PEAK6 LLC acquired a new stake in Prime Medicine, Inc. (NASDAQ:PRME) in the 2nd quarter, HoldingsChannel reports. The fund acquired 208,057 shares of the company’s stock, valued at approximately $768,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alphabet Inc. bought a new position in shares of Prime Medicine during the 2nd quarter worth approximately $61,116,000. Redmile Group LLC bought a new stake in Prime Medicine in the 1st quarter valued at $5,536,000. ADAR1 Capital Management LLC bought a new position in Prime Medicine during the first quarter worth $6,867,000. UBS Group AG raised its position in shares of Prime Medicine by 700.8% in the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock valued at $8,469,000 after purchasing an additional 2,135,810 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Prime Medicine by 262.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock worth $1,060,000 after buying an additional 220,468 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research note on Monday, June 22nd. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Finally, HC Wainwright restated a “buy” rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.69.

Prime Medicine Stock Performance

NASDAQ:PRME opened at $3.39 on Monday. Prime Medicine, Inc. has a 52 week low of $2.67 and a 52 week high of $6.94. The firm has a market cap of $614.88 million, a price-to-earnings ratio of -3.20 and a beta of 2.31. The firm’s 50-day simple moving average is $3.31 and its 200 day simple moving average is $3.42.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.24). The firm had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Sell-side analysts anticipate that Prime Medicine, Inc. will post -0.95 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.