Redmile Group LLC Buys Shares of 1,590,832 Prime Medicine, Inc. $PRME

Redmile Group LLC purchased a new position in Prime Medicine, Inc. (NASDAQ:PRME) during the first quarter, HoldingsChannel.com reports. The fund purchased 1,590,832 shares of the company’s stock, valued at approximately $5,536,000. Prime Medicine makes up about 0.4% of Redmile Group LLC’s investment portfolio, making the stock its 28th largest position.

Several other hedge funds and other institutional investors have also modified their holdings of PRME. Russell Investments Group Ltd. raised its stake in Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Prime Medicine in the fourth quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Prime Medicine during the fourth quarter valued at approximately $33,000. Glen Eagle Advisors LLC bought a new position in shares of Prime Medicine during the fourth quarter valued at approximately $35,000. Finally, Creative Planning acquired a new stake in shares of Prime Medicine during the 2nd quarter worth approximately $25,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Up 2.7%

Shares of Prime Medicine stock opened at $3.09 on Wednesday. The business has a fifty day simple moving average of $3.30 and a 200-day simple moving average of $3.55. Prime Medicine, Inc. has a fifty-two week low of $2.67 and a fifty-two week high of $6.94. The firm has a market cap of $558.11 million, a price-to-earnings ratio of -2.51 and a beta of 2.26.

Prime Medicine (NASDAQ:PRME) last released 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 return on equity of 188.82% and a negative net margin of 4,917.55%.The firm had revenue of $0.86 million for the quarter. Analysts anticipate that Prime Medicine, Inc. will post -0.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PRME shares. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a report on Monday, June 22nd. New Street Research set a $8.00 price objective on Prime Medicine in a research note on Monday, June 29th. HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Monday, June 29th. Wall Street Zen cut Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.53.

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.