Fmr LLC Sells 184,541 Shares of Prime Medicine, Inc. (NYSE:PRME)

FMR LLC trimmed its holdings in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 4.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,743,312 shares of the company's stock after selling 184,541 shares during the period. FMR LLC owned about 3.12% of Prime Medicine worth $14,487,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC increased its holdings in Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company's stock valued at $6,841,000 after acquiring an additional 895,610 shares during the last quarter. Westwood Holdings Group Inc. increased its holdings in shares of Prime Medicine by 125.0% in the second quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company's stock worth $1,843,000 after purchasing an additional 199,229 shares during the last quarter. ARK Investment Management LLC lifted its position in shares of Prime Medicine by 2.2% in the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company's stock worth $31,492,000 after buying an additional 133,419 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Prime Medicine in the third quarter worth about $383,000. Finally, Greenwich Wealth Management LLC boosted its stake in Prime Medicine by 12.3% during the third quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company's stock valued at $2,837,000 after buying an additional 80,000 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRME. StockNews.com raised Prime Medicine to a "sell" rating in a report on Thursday, November 14th. Guggenheim reaffirmed a "buy" rating and set a $18.00 price target on shares of Prime Medicine in a research note on Tuesday, December 3rd. HC Wainwright reissued a "buy" rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. JMP Securities began coverage on shares of Prime Medicine in a research report on Tuesday. They set an "outperform" rating and a $10.00 target price on the stock. Finally, Chardan Capital lowered their price target on shares of Prime Medicine from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Prime Medicine presently has a consensus rating of "Moderate Buy" and an average target price of $12.67.

Prime Medicine Price Performance

Shares of PRME traded down $0.06 during mid-day trading on Wednesday, reaching $3.16. 703,970 shares of the company's stock traded hands, compared to its average volume of 998,694. The stock's 50-day moving average is $3.68 and its two-hundred day moving average is $4.61. Prime Medicine, Inc. has a 12 month low of $2.85 and a 12 month high of $9.86. The stock has a market cap of $414.47 million, a P/E ratio of -1.54 and a beta of 1.88.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The business had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. Research analysts predict that Prime Medicine, Inc. will post -1.7 earnings per share for the current year.

Prime Medicine Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.