BlackRock Inc. Acquires Shares of 9,602,041 Prime Medicine, Inc. $PRME

Key Points

• BlackRock acquired 9.6 million Prime Medicine shares worth approximately $35.4 million, giving it a 5.32% stake. Institutional investors collectively own 70.37% of the company.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $7.47; individual targets range from $6 to $9.
• 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. Shares recently opened at $3.57.

BlackRock Inc. acquired a new stake in shares of Prime Medicine, Inc. (NASDAQ:PRME - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,602,041 shares of the company's stock, valued at approximately $35,432,000. BlackRock Inc. owned about 5.32% of Prime Medicine at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of Prime Medicine by 1,419.4% in the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock worth $485,000 after purchasing an additional 227,749 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Prime Medicine during the 1st quarter valued at approximately $101,000. Rhumbline Advisers lifted its holdings in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after buying an additional 9,944 shares during the period. Creative Planning purchased a new stake in Prime Medicine in the 2nd quarter worth approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Prime Medicine by 253.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock worth $296,000 after buying an additional 85,938 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Prime Medicine from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. The Goldman Sachs Group set a $6.00 target price on shares of Prime Medicine in a research note on Monday, June 22nd. New Street Research set a $8.00 target price on Prime Medicine in a research report on Monday, June 29th. HC Wainwright restated a "buy" rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. Finally, BMO Capital Markets started coverage on Prime Medicine in a research note on Tuesday, August 18th. They issued an "outperform" rating and a $9.00 price objective for the company. 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $7.47.

Prime Medicine Stock Performance

Shares of NASDAQ:PRME opened at $3.57 on Wednesday. The firm's 50 day simple moving average is $3.37 and its 200-day simple moving average is $3.42. Prime Medicine, Inc. has a one year low of $2.67 and a one year high of $6.94. The firm has a market cap of $647.53 million, a PE ratio of -3.37 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $4.40 million. Equities research analysts predict that Prime Medicine, Inc. will post -0.96 EPS 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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