ADAR1 Capital Management LLC Makes New Investment in Prime Medicine, Inc. $PRME

ADAR1 Capital Management LLC bought a new position in Prime Medicine, Inc. (NASDAQ:PRME - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,973,282 shares of the company's stock, valued at approximately $6,867,000. ADAR1 Capital Management LLC owned about 1.09% of Prime Medicine as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Creative Planning purchased a new stake in shares of Prime Medicine during the 2nd quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Prime Medicine during the fourth quarter valued at about $31,000. Royal Bank of Canada grew its position in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock valued at $32,000 after buying an additional 4,365 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Prime Medicine during the fourth quarter valued at about $33,000. Finally, Glen Eagle Advisors LLC purchased a new stake in Prime Medicine during the fourth quarter worth about $35,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research report on Monday, June 22nd. New Street Research set a $8.00 price target on shares of Prime Medicine in a research note on Monday, June 29th. Citigroup reaffirmed a "market outperform" rating on shares of Prime Medicine in a report on Monday, June 22nd. HC Wainwright upgraded Prime Medicine from a "neutral" rating to a "buy" rating and set a $8.00 price objective on the stock in a research note on Monday, June 29th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Prime Medicine currently has an average rating of "Moderate Buy" and a consensus target price of $7.53.

Prime Medicine Stock Up 2.7%

PRME opened at $3.09 on Wednesday. The firm has a 50-day moving average price of $3.30 and a 200-day moving average price of $3.55. Prime Medicine, Inc. has a twelve month low of $2.67 and a twelve month high of $6.94. The company has a market capitalization of $558.11 million, a price-to-earnings ratio of -2.51 and a beta of 2.26.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) EPS 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 business had revenue of $0.86 million for the quarter. On average, sell-side analysts expect that Prime Medicine, Inc. will post -0.98 earnings per share for the current fiscal year.

Prime Medicine Profile

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.

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