ARK Investment Management LLC Has $15.04 Million Holdings in Prime Medicine, Inc. (NYSE:PRME)

ARK Investment Management LLC cut its holdings in shares of Prime Medicine, Inc. (NYSE:PRME) by 9.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,150,233 shares of the company’s stock after selling 510,486 shares during the quarter. ARK Investment Management LLC owned 3.93% of Prime Medicine worth $15,039,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. boosted its position in Prime Medicine by 20.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock worth $81,000 after acquiring an additional 4,725 shares during the period. PEAK6 Investments LLC lifted its holdings in shares of Prime Medicine by 32.4% during the 3rd quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock valued at $174,000 after buying an additional 11,013 shares during the last quarter. Paloma Partners Management Co acquired a new stake in shares of Prime Medicine during the 3rd quarter valued at about $45,000. Nisa Investment Advisors LLC lifted its holdings in shares of 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 buying an additional 12,507 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Prime Medicine by 28.2% during the 4th quarter. SG Americas Securities LLC now owns 60,229 shares of the company’s stock valued at $176,000 after buying an additional 13,247 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Stock Performance

Shares of PRME stock opened at $2.65 on Wednesday. The stock’s 50 day simple moving average is $2.87 and its 200 day simple moving average is $3.45. The company has a market capitalization of $347.58 million, a price-to-earnings ratio of -1.29 and a beta of 1.86. Prime Medicine, Inc. has a twelve month low of $2.25 and a twelve month high of $9.77.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRME. Chardan Capital reduced their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a report on Tuesday, December 3rd. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, JMP Securities initiated coverage on Prime Medicine in a report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

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.