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

Key Points

• ADAR1 Capital Management acquired 1,997,552 Prime Medicine shares worth approximately $7.4 million, representing a 1.10% stake. Other major investors, including Alphabet, BlackRock, State Street, Vanguard and Balyasny, also increased or initiated positions; institutions collectively own 70.37% of the stock.
• Prime Medicine’s shares were up 14.2%, opening at $3.71, while the company reported a quarterly loss of $0.24 per share in line with estimates but revenue of $1.15 million, below the $4.40 million consensus forecast.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $7.47, although one analyst maintains a sell rating.

ADAR1 Capital Management LLC purchased a new position in shares of Prime Medicine, Inc. (NASDAQ:PRME - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,997,552 shares of the company's stock, valued at approximately $7,371,000. ADAR1 Capital Management LLC owned 1.10% of Prime Medicine as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PRME. Alphabet Inc. acquired a new stake in shares of Prime Medicine during the second quarter worth about $61,116,000. BlackRock Inc. purchased a new position in shares of Prime Medicine in the second quarter valued at approximately $35,432,000. State Street Corp grew its holdings in shares of Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company's stock valued at $17,681,000 after purchasing an additional 3,798,884 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Prime Medicine by 35.7% in the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company's stock valued at $27,267,000 after purchasing an additional 1,294,355 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its stake in Prime Medicine by 6,426.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company's stock worth $10,842,000 after buying an additional 3,076,489 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Up 14.2%

Shares of PRME opened at $3.71 on Wednesday. The company has a market capitalization of $672.92 million, a price-to-earnings ratio of -3.50 and a beta of 2.31. Prime Medicine, Inc. has a 52-week low of $2.67 and a 52-week high of $6.94. The stock has a 50 day moving average price of $3.34 and a 200 day moving average price of $3.42.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. On average, equities analysts anticipate that Prime Medicine, Inc. will post -0.95 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Chardan Capital started coverage on shares of Prime Medicine in a research report on Tuesday. They issued a "buy" rating and a $7.00 price target for the company. The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research note on Monday, June 22nd. TD Cowen reiterated a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. Finally, HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.47.

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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