ARK Investment Management LLC Lowers Position in Prime Medicine, Inc. (NYSE:PRME)

ARK Investment Management LLC reduced its holdings in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 9.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,150,233 shares of the company's stock after selling 510,486 shares during the period. ARK Investment Management LLC owned approximately 3.93% of Prime Medicine worth $15,039,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Geode Capital Management LLC grew its position in Prime Medicine by 4.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company's stock worth $5,264,000 after purchasing an additional 63,456 shares during the last quarter. State Street Corp grew its position in Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company's stock worth $4,439,000 after purchasing an additional 43,086 shares during the last quarter. Vestal Point Capital LP lifted its stake in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company's stock worth $4,141,000 after acquiring an additional 620,000 shares during the period. Greenwich Wealth Management LLC lifted its stake in shares of Prime Medicine by 12.3% in the 3rd quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company's stock worth $2,837,000 after acquiring an additional 80,000 shares during the period. Finally, Walleye Capital LLC acquired a new stake in shares of Prime Medicine in the 3rd quarter worth $419,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several analysts have recently commented on PRME shares. Citizens Jmp upgraded shares of Prime Medicine to a "strong-buy" rating in a research note on Tuesday, December 10th. HC Wainwright reiterated a "buy" rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. JMP Securities assumed coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They issued an "outperform" rating and a $10.00 price objective for the company. Guggenheim reiterated a "buy" rating and issued a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, Wedbush reiterated an "outperform" rating and issued a $12.00 price objective on shares of Prime Medicine in a research note on Friday. One research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Prime Medicine has an average rating of "Moderate Buy" and an average target price of $13.13.

Prime Medicine Stock Performance

NYSE:PRME traded up $0.10 during mid-day trading on Friday, hitting $2.52. 972,166 shares of the company's stock traded hands, compared to its average volume of 963,784. The firm's 50 day simple moving average is $2.85 and its 200 day simple moving average is $3.43. Prime Medicine, Inc. has a 1 year low of $2.25 and a 1 year high of $9.62. The company has a market cap of $330.53 million, a PE ratio of -1.23 and a beta of 1.86.

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.