Vestal Point Capital LP Purchases 620,000 Shares of Prime Medicine, Inc. (NYSE:PRME)

Vestal Point Capital LP lifted its stake in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 137.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,070,000 shares of the company's stock after purchasing an additional 620,000 shares during the quarter. Vestal Point Capital LP owned about 0.89% of Prime Medicine worth $4,141,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company's stock worth $40,610,000 after buying an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Prime Medicine by 13.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company's stock worth $17,660,000 after acquiring an additional 301,431 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in Prime Medicine in the 1st quarter valued at approximately $1,115,000. ORG Partners LLC purchased a new stake in Prime Medicine during the 2nd quarter valued at $29,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company's stock worth $40,000 after purchasing an additional 7,702 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. HC Wainwright reaffirmed a "buy" rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. StockNews.com upgraded shares of Prime Medicine to a "sell" rating in a research note on Thursday, November 14th. Wedbush restated an "outperform" rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, Chardan Capital cut their target price on shares of Prime Medicine from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $13.25.

Prime Medicine Price Performance

Shares of NYSE:PRME traded down $0.01 during mid-day trading on Friday, reaching $3.29. 1,482,166 shares of the company traded hands, compared to its average volume of 994,669. Prime Medicine, Inc. has a 52 week low of $2.85 and a 52 week high of $9.86. The firm has a market cap of $431.52 million, a PE ratio of -1.60 and a beta of 2.09. The company's 50 day moving average price is $3.74 and its 200-day moving average price is $4.87.

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 firm had revenue of $0.21 million for the quarter, compared to analysts' expectations of $55.00 million. On average, research analysts predict that Prime Medicine, Inc. will post -1.7 earnings per share for the current fiscal year.

About Prime Medicine

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.