Bank of America Corp DE Makes New $3.62 Million Investment in Prime Medicine, Inc. $PRME

Key Points

• Bank of America acquired 981,335 Prime Medicine shares worth approximately $3.62 million in the second quarter, giving it a 0.54% stake. Institutional investors collectively own 70.37% of the company.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $7.47, despite one sell rating.
• 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 stock opened at $3.09, near the lower end of its $2.67–$6.94 yearly range.

Bank of America Corp DE bought a new position in Prime Medicine, Inc. (NASDAQ:PRME - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 981,335 shares of the company's stock, valued at approximately $3,621,000. Bank of America Corp DE owned 0.54% of Prime Medicine at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Jupiter Topco LLC bought a new position in shares of Prime Medicine during the second quarter valued at approximately $224,000. ADAR1 Capital Management LLC bought a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $7,371,000. Legal & General Group Plc bought a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $245,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $101,000. Finally, Cibc World Market Inc. bought a new position in Prime Medicine during the 2nd quarter valued at approximately $69,000. 70.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the company. HC Wainwright reissued a "buy" rating and issued a $8.00 target price on shares of Prime Medicine in a report on Monday, August 10th. BMO Capital Markets began coverage on Prime Medicine in a report on Tuesday, August 18th. They set an "outperform" rating and a $9.00 price target for the company. New Street Research set a $8.00 price target on Prime Medicine in a research report on Monday, June 29th. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a research report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Prime Medicine presently has an average rating of "Moderate Buy" and a consensus price target of $7.47.

Prime Medicine Stock Performance

NASDAQ PRME opened at $3.09 on Wednesday. Prime Medicine, Inc. has a one year low of $2.67 and a one year high of $6.94. The stock has a 50-day moving average of $3.24 and a 200 day moving average of $3.35. The company has a market capitalization of $560.46 million, a price-to-earnings ratio of -2.92 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The firm had revenue of $1.15 million for the quarter, compared to analysts' expectations of $4.40 million. On average, equities analysts predict that Prime Medicine, Inc. will post -0.96 earnings per share for the current fiscal year.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company's technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient's own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.

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