SG Americas Securities LLC Buys New Position in Prime Medicine, Inc. (NYSE:PRME)

SG Americas Securities LLC bought a new stake in Prime Medicine, Inc. (NYSE:PRME) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,128 shares of the company’s stock, valued at approximately $90,000.

Several other institutional investors have also recently made changes to their positions in the stock. Ameritas Investment Partners Inc. raised its stake in Prime Medicine by 293.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock valued at $48,000 after acquiring an additional 2,436 shares during the period. Royal Bank of Canada raised its stake in Prime Medicine by 506.6% in the 2nd quarter. Royal Bank of Canada now owns 3,579 shares of the company’s stock valued at $53,000 after acquiring an additional 2,989 shares during the period. Walleye Capital LLC bought a new stake in Prime Medicine in the 3rd quarter valued at $102,000. Barclays PLC raised its stake in Prime Medicine by 47.7% in the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock valued at $116,000 after acquiring an additional 2,543 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in Prime Medicine in the 3rd quarter valued at $159,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Guggenheim dropped their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. Wedbush started coverage on Prime Medicine in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $12.00 price target on the stock. TD Cowen started coverage on Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating on the stock. Finally, Stifel Nicolaus lowered Prime Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.88.

Prime Medicine Stock Performance

PRME opened at $4.51 on Friday. The firm has a market cap of $540.93 million, a P/E ratio of -2.08 and a beta of 1.80. Prime Medicine, Inc. has a 52-week low of $4.34 and a 52-week high of $17.20. The business’s fifty day moving average is $7.15 and its 200-day moving average is $7.44.

Prime Medicine (NYSE:PRME) last released its earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, research analysts predict that Prime Medicine, Inc. will post -1.8 earnings per share for the current fiscal year.

Insider Transactions at Prime Medicine

In related news, Director Robert Nelsen bought 3,200,000 shares of Prime Medicine stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the acquisition, the director now owns 3,200,000 shares in the company, valued at approximately $20,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 24.29% of the stock is currently owned by insiders.

Prime Medicine 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.