Renaissance Technologies LLC Sells 408,120 Shares of Prime Medicine, Inc. $PRME

Key Points

• Renaissance Technologies reduced its Prime Medicine stake by 35.5%, selling 408,120 shares and retaining 741,039 shares worth approximately $2.58 million. Institutional investors collectively own 70.37% of the company.
• Prime Medicine reported a quarterly loss of $0.24 per share, in line with estimates, but revenue of $1.15 million fell short of the $4.40 million analyst forecast. The company continues to post deeply negative profitability metrics.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $7.53 versus the stock’s recent price near $3.08.

Renaissance Technologies LLC decreased its holdings in shares of Prime Medicine, Inc. (NASDAQ:PRME - Free Report) by 35.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 741,039 shares of the company's stock after selling 408,120 shares during the quarter. Renaissance Technologies LLC owned about 0.41% of Prime Medicine worth $2,579,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. UBS Group AG increased its holdings in shares of Prime Medicine by 700.8% in the 4th quarter. UBS Group AG now owns 2,440,583 shares of the company's stock worth $8,469,000 after buying an additional 2,135,810 shares during the last quarter. MWG Caph Ltd purchased a new stake in shares of Prime Medicine during the 4th quarter valued at about $6,219,000. Integrity Advisory Solutions LLC bought a new position in shares of Prime Medicine in the 4th quarter valued at about $41,000. Sterling Investment Advisors Ltd. lifted its holdings in shares of Prime Medicine by 34.0% in the 4th quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company's stock valued at $46,000 after acquiring an additional 3,400 shares during the last quarter. Finally, Arizona State Retirement System purchased a new position in Prime Medicine in the fourth quarter worth about $84,000. Institutional investors own 70.37% of the company's stock.

Prime Medicine Stock Performance

NASDAQ PRME opened at $3.08 on Monday. The stock has a market cap of $556.30 million, a PE ratio of -2.91 and a beta of 2.31. Prime Medicine, Inc. has a 12 month low of $2.67 and a 12 month high of $6.94. The company's 50-day moving average price is $3.28 and its 200-day moving average price is $3.48.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.24). The company had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 156.84%. As a group, sell-side analysts forecast that Prime Medicine, Inc. will post -0.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research note on Monday, June 22nd. TD Cowen reaffirmed a "buy" rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Citigroup reiterated a "market outperform" rating on shares of Prime Medicine in a report on Monday, June 22nd. Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Finally, New Street Research set a $8.00 price target on Prime Medicine in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $7.53.

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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