Goldman Sachs Group Inc. Lowers Stock Holdings in Prime Medicine, Inc. $PRME

Key Points

• Goldman Sachs Group Inc. reduced its holdings in Prime Medicine, Inc. by 40.4%, selling 170,499 shares, and now owns 251,399 shares valued at approximately $500,000.
• Several institutional investors have also made significant adjustments to their stakes in Prime Medicine, contributing to a total of 70.37% of the stock being owned by institutional investors and hedge funds.
• The stock's current consensus rating is categorized as a "Moderate Buy" with a target price set at $8.92, despite recent price target reductions by equity analysts.

Goldman Sachs Group Inc. lowered its holdings in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 40.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 251,399 shares of the company's stock after selling 170,499 shares during the period. Goldman Sachs Group Inc. owned 0.19% of Prime Medicine worth $500,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new position in Prime Medicine during the fourth quarter worth about $59,000. Rhumbline Advisers lifted its holdings in shares of Prime Medicine by 13.8% during the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after acquiring an additional 9,944 shares during the period. Jane Street Group LLC lifted its holdings in shares of Prime Medicine by 76.8% during the 4th quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock worth $297,000 after acquiring an additional 44,210 shares during the period. Bank of New York Mellon Corp grew its holdings in Prime Medicine by 20.4% in the first quarter. Bank of New York Mellon Corp now owns 155,992 shares of the company's stock valued at $310,000 after purchasing an additional 26,478 shares during the period. Finally, Ieq Capital LLC purchased a new stake in Prime Medicine in the first quarter valued at approximately $69,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Chardan Capital cut their price target on shares of Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Wedbush restated an "outperform" rating and set a $8.00 price objective on shares of Prime Medicine in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.92.

Insider Buying and Selling at Prime Medicine

In other Prime Medicine news, major shareholder Arch Venture Partners Xii, Llc purchased 3,030,300 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $3.30 per share, with a total value of $9,999,990.00. Following the transaction, the insider owned 6,230,300 shares in the company, valued at approximately $20,559,990. This trade represents a 94.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 22.74% of the company's stock.

Prime Medicine Stock Down 6.1%

PRME opened at $5.22 on Friday. Prime Medicine, Inc. has a 52-week low of $1.11 and a 52-week high of $5.63. The company has a 50 day moving average of $4.00 and a two-hundred day moving average of $2.63. The company has a market cap of $702.48 million, a P/E ratio of -2.55 and a beta of 2.39.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.

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