Alphabet Inc. Takes Position in Prime Medicine, Inc. $PRME

Key Points

• Alphabet acquired 16.56 million Prime Medicine shares worth approximately $61.1 million in the second quarter, representing about 9.17% of the biotechnology company and 0.1% of Alphabet’s portfolio.
• Prime Medicine reported a quarterly loss of $0.24 per share, in line with estimates, but revenue of $1.15 million fell well short of the $4.40 million consensus forecast. The company remains deeply unprofitable, with a negative net margin of 4,613.11%.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $7.53 versus the stock’s recent price near $3.17, although some firms maintain sell ratings.

Alphabet Inc. bought a new position in shares of Prime Medicine, Inc. (NASDAQ:PRME - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 16,562,498 shares of the company's stock, valued at approximately $61,116,000. Prime Medicine accounts for approximately 0.1% of Alphabet Inc.'s portfolio, making the stock its 13th biggest holding. Alphabet Inc. owned approximately 9.17% of Prime Medicine as of its most recent SEC filing.

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

Prime Medicine Price Performance

Prime Medicine stock opened at $3.17 on Tuesday. The business has a fifty day moving average price of $3.27 and a 200-day moving average price of $3.44. Prime Medicine, Inc. has a one year low of $2.67 and a one year high of $6.94. The firm has a market capitalization of $574.97 million, a P/E ratio of -2.99 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The company had revenue of $1.15 million during the quarter, compared to analysts' expectations of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Sell-side analysts expect that Prime Medicine, Inc. will post -0.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Citigroup reissued a "market outperform" rating on shares of Prime Medicine in a research note on Monday, June 22nd. HC Wainwright reissued a "buy" rating and issued a $8.00 price target on shares of Prime Medicine in a research report on Monday, August 10th. New Street Research set a $8.00 target price on shares of Prime Medicine in a research report on Monday, June 29th. Wall Street Zen upgraded Prime Medicine from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Prime Medicine currently has a consensus rating of "Moderate Buy" and an average target price of $7.53.

Prime Medicine Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source