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

Renaissance Technologies LLC trimmed its position in Prime Medicine, Inc. (NASDAQ:PRME) by 35.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 741,039 shares of the company’s stock after selling 408,120 shares during the quarter. Renaissance Technologies LLC’s holdings in Prime Medicine were worth $2,579,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of research firms have commented on PRME. HC Wainwright raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Monday, June 29th. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen raised shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $3.08 on Monday. The firm’s 50 day moving average price is $3.28 and its 200-day moving average price is $3.48. Prime Medicine, Inc. has a 52-week low of $2.67 and a 52-week high of $6.94. The company has a market cap of $556.30 million, a P/E ratio of -2.91 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 156.84%. The firm had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. As a group, equities research analysts forecast that Prime Medicine, Inc. will post -0.99 EPS for the current fiscal year.

Prime Medicine Company Profile

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.