Vestal Point Capital LP Buys 620,000 Shares of Prime Medicine, Inc. (NYSE:PRME)

Vestal Point Capital LP increased its stake in Prime Medicine, Inc. (NYSE:PRME) by 137.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,070,000 shares of the company’s stock after buying an additional 620,000 shares during the quarter. Vestal Point Capital LP’s holdings in Prime Medicine were worth $4,141,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Westwood Holdings Group Inc. acquired a new position in Prime Medicine during the first quarter worth approximately $1,115,000. Vanguard Group Inc. increased its holdings in shares of Prime Medicine by 43.1% during the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after acquiring an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after purchasing an additional 301,431 shares during the period. Millennium Management LLC raised its holdings in Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after acquiring an additional 895,610 shares during the period. Finally, ORG Partners LLC bought a new position in shares of Prime Medicine during the second quarter worth approximately $29,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Price Performance

PRME stock opened at $3.30 on Friday. The firm has a 50-day moving average price of $3.74 and a 200-day moving average price of $4.87. Prime Medicine, Inc. has a 12 month low of $2.85 and a 12 month high of $9.86.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $55.00 million. On average, analysts anticipate that Prime Medicine, Inc. will post -1.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a report on Thursday, August 8th. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th. Chardan Capital decreased their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.25.

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.