T. Rowe Price Investment Management Inc. Boosts Position in Prime Medicine, Inc. (NYSE:PRME)

T. Rowe Price Investment Management Inc. lifted its stake in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 4.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,977,828 shares of the company's stock after acquiring an additional 170,541 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 3.03% of Prime Medicine worth $11,616,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. lifted its position in shares of Prime Medicine by 20.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company's stock valued at $81,000 after acquiring an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. lifted its holdings in Prime Medicine by 7.1% in the 4th quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company's stock worth $219,000 after purchasing an additional 5,000 shares in the last quarter. American Century Companies Inc. bought a new position in Prime Medicine in the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC boosted its stake in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company's stock worth $37,000 after purchasing an additional 12,507 shares during the period. Finally, Barclays PLC grew its holdings in Prime Medicine by 15.3% during the 4th quarter. Barclays PLC now owns 97,621 shares of the company's stock valued at $285,000 after buying an additional 12,924 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Price Performance

Shares of PRME traded down $0.06 during midday trading on Friday, hitting $1.68. The stock had a trading volume of 1,052,355 shares, compared to its average volume of 1,212,137. The stock's 50 day moving average is $1.76 and its 200 day moving average is $2.71. The firm has a market cap of $220.35 million, a PE ratio of -0.82 and a beta of 1.88. Prime Medicine, Inc. has a 1 year low of $1.12 and a 1 year high of $8.27.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same period in the prior year, the firm earned ($2.18) EPS. As a group, equities research analysts expect that Prime Medicine, Inc. will post -1.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PRME has been the subject of a number of research reports. HC Wainwright restated a "buy" rating and set a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, March 19th. Chardan Capital increased their price objective on shares of Prime Medicine from $15.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, March 20th. StockNews.com raised Prime Medicine to a "sell" rating in a report on Tuesday, February 11th. Finally, Wedbush reissued an "outperform" rating and set a $13.00 price target (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $13.38.

About Prime Medicine

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.