Green Alpha Advisors LLC Acquires New Position in Prime Medicine, Inc. $PRME

Green Alpha Advisors LLC acquired a new stake in Prime Medicine, Inc. (NASDAQ:PRME) in the second quarter, Holdings Channel reports. The firm acquired 185,023 shares of the company’s stock, valued at approximately $683,000.

Several other large investors have also recently added to or reduced their stakes in PRME. Alphabet Inc. purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $61,116,000. Redmile Group LLC purchased a new stake in shares of Prime Medicine during the first quarter worth $5,536,000. ADAR1 Capital Management LLC purchased a new stake in shares of Prime Medicine during the first quarter worth $6,867,000. UBS Group AG raised its stake 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 acquiring an additional 2,135,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Prime Medicine by 262.3% in 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 in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Stock Performance

Shares of NASDAQ PRME opened at $3.39 on Friday. The stock’s 50-day simple moving average is $3.31 and its 200-day simple moving average is $3.42. The firm has a market capitalization of $614.87 million, a PE ratio of -3.20 and a beta of 2.31. Prime Medicine, Inc. has a fifty-two week low of $2.67 and a fifty-two week high of $6.94.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results 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 return on equity of 188.27% and a negative net margin of 4,613.11%. On average, sell-side analysts forecast that Prime Medicine, Inc. will post -0.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on PRME. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a report on Monday, June 22nd. BMO Capital Markets began coverage on Prime Medicine in a research report on Tuesday. They issued an “outperform” rating and a $9.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th. Finally, TD Cowen reissued a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.69.

Prime Medicine Profile

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.