Levin Capital Strategies L.P. Increases Stock Holdings in Prime Medicine, Inc. $PRME

Levin Capital Strategies L.P. increased its holdings in Prime Medicine, Inc. (NYSE:PRME) by 300.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,000 shares of the company’s stock after acquiring an additional 105,000 shares during the quarter. Levin Capital Strategies L.P. owned about 0.10% of Prime Medicine worth $346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the stock. Freedom Investment Management Inc. bought a new position in shares of Prime Medicine during the second quarter valued at $26,000. R Squared Ltd purchased a new stake in Prime Medicine during the 2nd quarter valued at about $31,000. JTC Employer Solutions Trustee Ltd bought a new stake in Prime Medicine during the 2nd quarter valued at about $33,000. CWM LLC raised its holdings in Prime Medicine by 741.5% in the first quarter. CWM LLC now owns 20,466 shares of the company’s stock worth $41,000 after buying an additional 18,034 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in Prime Medicine by 52.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock worth $57,000 after buying an additional 7,954 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Prime Medicine Stock Down 7.7%

Shares of Prime Medicine stock opened at $4.56 on Tuesday. Prime Medicine, Inc. has a twelve month low of $1.11 and a twelve month high of $6.94. The company’s 50 day moving average is $4.90 and its 200 day moving average is $3.38. The company has a market cap of $613.66 million, a price-to-earnings ratio of -2.22 and a beta of 2.65.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PRME shares. Wedbush reiterated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a report on Wednesday, July 16th. Chardan Capital cut their target price on Prime Medicine from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Finally, Citigroup reissued a “neutral” rating on shares of Prime Medicine in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.92.

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.