T. Rowe Price Investment Management Inc. Increases Stake in Prime Medicine, Inc. (NYSE:PRME)

T. Rowe Price Investment Management Inc. lifted its holdings in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 4.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,977,828 shares of the company's stock after acquiring an additional 170,541 shares during the period. T. Rowe Price Investment Management Inc. owned 3.03% of Prime Medicine worth $11,616,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PRME. American Century Companies Inc. bought a new stake in shares of Prime Medicine in the 4th quarter valued at about $33,000. Nisa Investment Advisors LLC increased its stake in shares of Prime Medicine by 11,474.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company's stock worth $37,000 after acquiring an additional 12,507 shares during the period. XTX Topco Ltd purchased a new stake in Prime Medicine during the fourth quarter worth $42,000. AXQ Capital LP purchased a new stake in Prime Medicine during the fourth quarter worth $45,000. Finally, Impact Partnership Wealth LLC purchased a new position in Prime Medicine during the fourth quarter valued at $50,000. Institutional investors own 70.37% of the company's stock.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $1.69 on Monday. The business has a 50-day moving average of $1.89 and a 200 day moving average of $2.78. Prime Medicine, Inc. has a 12 month low of $1.12 and a 12 month high of $8.27. The stock has a market capitalization of $221.66 million, a price-to-earnings ratio of -0.82 and a beta of 1.88.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same quarter in the prior year, the firm posted ($2.18) earnings per share. Equities research analysts anticipate that Prime Medicine, Inc. will post -1.68 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on PRME shares. Chardan Capital increased their price objective on shares of Prime Medicine from $15.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, March 20th. Wedbush reissued an "outperform" rating and issued a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. HC Wainwright reiterated a "buy" rating and issued a $10.00 target price on shares of Prime Medicine in a report on Wednesday, March 19th. Finally, StockNews.com upgraded shares of Prime Medicine to a "sell" rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.38.

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.

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