Vanguard Group Inc. Has $37.70 Million Holdings in Prime Medicine, Inc. (NYSE:PRME)

Vanguard Group Inc. lifted its position in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 18.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,951,793 shares of the company's stock after acquiring an additional 617,310 shares during the quarter. Vanguard Group Inc. owned 4.06% of Prime Medicine worth $37,700,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in PRME. BlackRock Inc. raised its position in shares of Prime Medicine by 90.8% in the 2nd quarter. BlackRock Inc. now owns 2,889,216 shares of the company's stock worth $42,327,000 after acquiring an additional 1,375,093 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Prime Medicine by 18.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company's stock worth $34,676,000 after purchasing an additional 571,097 shares during the last quarter. State Street Corp increased its holdings in shares of Prime Medicine by 219.5% in the second quarter. State Street Corp now owns 605,199 shares of the company's stock valued at $8,866,000 after purchasing an additional 415,771 shares during the last quarter. Geode Capital Management LLC lifted its position in Prime Medicine by 124.8% during the second quarter. Geode Capital Management LLC now owns 540,308 shares of the company's stock worth $7,916,000 after buying an additional 299,963 shares in the last quarter. Finally, Greenwich Wealth Management LLC boosted its stake in Prime Medicine by 111.1% during the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company's stock worth $4,188,000 after buying an additional 231,021 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. TD Cowen started coverage on shares of Prime Medicine in a report on Monday. They issued a "buy" rating for the company. Stifel Nicolaus cut Prime Medicine from a "buy" rating to a "hold" rating and lowered their target price for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Guggenheim dropped their target price on Prime Medicine from $24.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, March 5th. Finally, Wedbush assumed coverage on shares of Prime Medicine in a research note on Tuesday, April 2nd. They issued an "outperform" rating and a $12.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.88.

Prime Medicine Stock Down 1.4 %

Prime Medicine stock traded down $0.08 during trading on Thursday, reaching $5.81. The stock had a trading volume of 588,597 shares, compared to its average volume of 672,139. Prime Medicine, Inc. has a 52-week low of $5.47 and a 52-week high of $17.20. The business has a 50 day moving average price of $7.36 and a 200 day moving average price of $7.65. The stock has a market cap of $696.85 million, a PE ratio of -2.68 and a beta of 1.80.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, equities analysts predict that Prime Medicine, Inc. will post -1.82 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert Nelsen bought 3,200,000 shares of the business's stock in a transaction dated Thursday, February 15th. The shares were acquired at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, the director now owns 3,200,000 shares of the company's stock, valued at $20,000,000. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 24.29% of the stock is owned by company insiders.

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.