Prime Medicine, Inc. $PRME Shares Bought by UBS Group AG

UBS Group AG grew its holdings in shares of Prime Medicine, Inc. (NASDAQ:PRME) by 700.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,440,583 shares of the company’s stock after purchasing an additional 2,135,810 shares during the period. UBS Group AG’s holdings in Prime Medicine were worth $8,469,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Alphabet Inc. boosted its stake in Prime Medicine by 10.0% during the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock valued at $91,756,000 after buying an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC boosted its stake in Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after buying an additional 3,155,182 shares in the last quarter. Vanguard Group Inc. boosted its stake in Prime Medicine by 35.7% during the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after buying an additional 1,294,355 shares in the last quarter. Farallon Capital Management LLC boosted its stake in Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after buying an additional 4,000,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Prime Medicine by 127.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock valued at $20,110,000 after buying an additional 2,035,406 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

NASDAQ:PRME opened at $2.93 on Monday. Prime Medicine, Inc. has a 1-year low of $1.11 and a 1-year high of $6.94. The firm has a market capitalization of $529.22 million, a price-to-earnings ratio of -2.38 and a beta of 2.35. The stock has a fifty day simple moving average of $3.57 and a 200 day simple moving average of $3.75.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share 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. Equities analysts predict that Prime Medicine, Inc. will post -0.98 earnings per share for the current year.

Analysts Set New Price Targets

PRME has been the subject of several research reports. Wall Street Zen cut Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Oppenheimer initiated coverage on Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price for the company. Finally, Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.38.

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.