Prime Medicine, Inc. $PRME Shares Newly Purchased by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. purchased a new position in Prime Medicine, Inc. (NASDAQ:PRME) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 114,500 shares of the company’s stock, valued at approximately $350,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Commonwealth Equity Services LLC grew its stake in shares of Prime Medicine by 61.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 141,236 shares of the company’s stock worth $431,000 after purchasing an additional 53,926 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Prime Medicine by 20.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,911,596 shares of the company’s stock worth $8,895,000 after buying an additional 498,612 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Prime Medicine in the third quarter valued at $28,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Prime Medicine by 15.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 33,094 shares of the company’s stock valued at $102,000 after buying an additional 4,349 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Prime Medicine by 169.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 79,914 shares of the company’s stock valued at $244,000 after acquiring an additional 50,264 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

Shares of PRME opened at $4.65 on Friday. The company has a 50-day moving average of $3.65 and a two-hundred day moving average of $3.52. The stock has a market cap of $843.42 million, a price-to-earnings ratio of -4.39 and a beta of 2.14. Prime Medicine, Inc. has a one year low of $2.67 and a one year high of $5.91.

Prime Medicine (NASDAQ:PRME) last released 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 business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Analysts anticipate that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PRME. Wall Street Zen raised Prime Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Friday, September 25th. Jefferies Financial Group reaffirmed a “market outperform” rating on shares of Prime Medicine in a research report on Monday, September 28th. BMO Capital Markets started coverage on Prime Medicine in a report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.