AQR Capital Management LLC Invests $176,000 in Prime Medicine, Inc. (NYSE:PRME)

AQR Capital Management LLC acquired a new position in Prime Medicine, Inc. (NYSE:PRME) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 34,268 shares of the company’s stock, valued at approximately $176,000.

Other institutional investors have also recently made changes to their positions in the company. ARK Investment Management LLC raised its stake in Prime Medicine by 2.2% during the 2nd quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after purchasing an additional 133,419 shares during the period. Vanguard Group Inc. raised its stake in Prime Medicine by 43.1% during the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Prime Medicine by 13.6% during the 1st 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. Redmile Group LLC raised its stake in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after purchasing an additional 750,000 shares during the period. Finally, Farallon Capital Management LLC bought a new stake in Prime Medicine during the 1st quarter valued at approximately $5,250,000. Institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PRME. Wedbush restated an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Prime Medicine Stock Up 15.3 %

Shares of NYSE PRME opened at $4.38 on Friday. The business has a fifty day simple moving average of $3.93 and a two-hundred day simple moving average of $5.18. The firm has a market cap of $525.73 million, a PE ratio of -2.03 and a beta of 2.18. Prime Medicine, Inc. has a twelve month low of $3.28 and a twelve month high of $9.86.

Prime Medicine (NYSE:PRME) last issued its earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). On average, research analysts expect that Prime Medicine, Inc. will post -1.75 earnings per share for the current year.

About Prime Medicine

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.