DNB Asset Management AS Makes New Investment in Prime Medicine, Inc. $PRME

DNB Asset Management AS bought a new position in shares of Prime Medicine, Inc. (NYSE:PRME) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 182,133 shares of the company’s stock, valued at approximately $1,009,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Alphabet Inc. boosted its holdings in shares of Prime Medicine by 10.0% in the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after buying an additional 1,500,000 shares during the last quarter. Levin Capital Strategies L.P. boosted its stake in Prime Medicine by 300.0% in the second quarter. Levin Capital Strategies L.P. now owns 140,000 shares of the company’s stock valued at $346,000 after acquiring an additional 105,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Prime Medicine by 127.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock valued at $20,110,000 after acquiring an additional 2,035,406 shares during the period. HighTower Advisors LLC grew its position in shares of Prime Medicine by 1,463.0% during the 3rd quarter. HighTower Advisors LLC now owns 333,755 shares of the company’s stock valued at $1,849,000 after acquiring an additional 312,401 shares during the period. Finally, Greenwich Wealth Management LLC increased its stake in shares of Prime Medicine by 3.3% during the 2nd quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company’s stock worth $2,090,000 after purchasing an additional 27,200 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRME has been the subject of several research reports. Chardan Capital reduced their price objective on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, November 10th. Wedbush reiterated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, November 10th. Lifesci Capital initiated coverage on Prime Medicine in a research note on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price objective on the stock. Finally, Citigroup dropped their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.21.

Prime Medicine Stock Performance

Shares of PRME opened at $4.23 on Wednesday. Prime Medicine, Inc. has a 52-week low of $1.11 and a 52-week high of $6.94. The stock’s 50-day simple moving average is $3.80 and its 200 day simple moving average is $4.17. The stock has a market capitalization of $763.56 million, a price-to-earnings ratio of -2.06 and a beta of 2.70.

Prime Medicine Company Profile

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.