Wells Fargo & Company MN Lowers Holdings in Prime Medicine, Inc. (NYSE:PRME)

Wells Fargo & Company MN trimmed its position in shares of Prime Medicine, Inc. (NYSE:PRME) by 43.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 96,181 shares of the company’s stock after selling 75,287 shares during the period. Wells Fargo & Company MN’s holdings in Prime Medicine were worth $281,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PRME. Barclays PLC lifted its stake in shares of Prime Medicine by 343.3% in the third quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after buying an additional 65,593 shares in the last quarter. American Century Companies Inc. purchased a new stake in Prime Medicine during the 4th quarter valued at $33,000. Nisa Investment Advisors LLC boosted its stake in Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after purchasing an additional 12,507 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Prime Medicine by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock worth $4,287,000 after purchasing an additional 107,627 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Prime Medicine by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company’s stock worth $1,415,000 after purchasing an additional 20,614 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PRME. Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Chardan Capital boosted 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. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $13.38.

Prime Medicine Stock Performance

NYSE:PRME opened at $1.33 on Wednesday. The stock has a 50-day simple moving average of $1.72 and a two-hundred day simple moving average of $2.67. The firm has a market capitalization of $174.44 million, a PE ratio of -0.65 and a beta of 1.90. Prime Medicine, Inc. has a 52-week low of $1.12 and a 52-week high of $8.27.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the prior year, the company posted ($2.18) earnings per share. Equities analysts forecast that Prime Medicine, Inc. will post -1.68 earnings per share for the current fiscal year.

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.