Farallon Capital Management LLC Raises Holdings in Prime Medicine, Inc. $PRME

Farallon Capital Management LLC increased its position in shares of Prime Medicine, Inc. (NASDAQ:PRME) by 533.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,750,000 shares of the company’s stock after buying an additional 4,000,000 shares during the period. Farallon Capital Management LLC’s holdings in Prime Medicine were worth $26,315,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. ARK Investment Management LLC grew its holdings in Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after acquiring an additional 3,155,182 shares in the last quarter. Amova Asset Management Americas Inc. increased its position in Prime Medicine by 128.4% during the 3rd quarter. Amova Asset Management Americas Inc. now owns 3,629,924 shares of the company’s stock valued at $20,037,000 after purchasing an additional 2,040,807 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Prime Medicine by 127.7% in 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 purchasing an additional 2,035,406 shares in the last quarter. Casdin Capital LLC raised its holdings in shares of Prime Medicine by 102.1% in the 3rd quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock valued at $17,546,000 after purchasing an additional 1,600,000 shares in the last quarter. Finally, Alphabet Inc. lifted its position 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 purchasing an additional 1,500,000 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Trading Down 2.1%

NASDAQ PRME opened at $3.65 on Monday. Prime Medicine, Inc. has a 12-month low of $1.11 and a 12-month high of $6.94. The business has a fifty day moving average of $3.87. The stock has a market capitalization of $659.01 million, a PE ratio of -2.70 and a beta of 2.55.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PRME shares. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Prime Medicine in a research note on Monday, December 29th. Finally, Oppenheimer assumed coverage on Prime Medicine in a research report on Thursday. They set an “outperform” rating and a $11.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Prime Medicine presently has an average rating of “Moderate Buy” and an average price target of $7.75.

Prime Medicine 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.