Farallon Capital Management LLC Buys 4,000,000 Shares of Prime Medicine, Inc. $PRME

Key Points

• Farallon Capital Management LLC bought 4,000,000 shares in Q3—raising its stake to 4,750,000 shares (about 2.63% of Prime Medicine) valued at roughly $26.32 million, a 533.3% increase during the period.
• Prime Medicine stock opened at $3.65 (down 2.1%), trades in a 52-week range of $1.11–$6.94, has a market cap of about $659.0 million, a negative P/E (-2.70) and a beta of 2.55, with institutional investors owning roughly 70.37% of the shares.
• Analyst sentiment is mixed-but-leaning-positive with a MarketBeat consensus of "Moderate Buy" and an average target of $7.75; recent notes include Oppenheimer starting coverage at "outperform" ($11 target), Lifesci Capital at "strong-buy," and Weiss Ratings at "sell (d-)."

Farallon Capital Management LLC grew its stake in Prime Medicine, Inc. (NASDAQ:PRME - Free Report) by 533.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,750,000 shares of the company's stock after purchasing an additional 4,000,000 shares during the period. Farallon Capital Management LLC owned approximately 2.63% of Prime Medicine worth $26,315,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRME. Squarepoint Ops LLC increased its position in shares of Prime Medicine by 10.5% during the 3rd quarter. Squarepoint Ops LLC now owns 39,601 shares of the company's stock valued at $219,000 after purchasing an additional 3,775 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in Prime Medicine by 16.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company's stock worth $170,000 after buying an additional 4,280 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company's stock worth $38,000 after buying an additional 6,345 shares during the period. AXQ Capital LP increased its position in Prime Medicine by 19.2% during the third quarter. AXQ Capital LP now owns 44,818 shares of the company's stock valued at $248,000 after acquiring an additional 7,231 shares during the last quarter. Finally, Jones Financial Companies Lllp bought a new position in Prime Medicine during the third quarter valued at $49,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Stock Down 2.1%

Prime Medicine stock opened at $3.65 on Monday. The company's 50 day moving average is $3.87. Prime Medicine, Inc. has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The company has a market capitalization of $659.01 million, a P/E ratio of -2.70 and a beta of 2.55.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Oppenheimer began coverage on shares of Prime Medicine in a research note on Thursday. They issued an "outperform" rating and a $11.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Prime Medicine in a report on Monday, December 29th. Finally, Lifesci Capital raised shares of Prime Medicine to a "strong-buy" rating in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $7.75.

About Prime Medicine

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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