ARK Investment Management LLC Lowers Stock 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 7.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,660,719 shares of the company's stock after selling 466,054 shares during the quarter. ARK Investment Management LLC owned approximately 4.72% of Prime Medicine worth $21,907,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC purchased a new stake in shares of Prime Medicine in the second quarter worth approximately $29,000. National Bank of Canada FI purchased a new position in Prime Medicine in the 2nd quarter worth approximately $34,000. Nisa Investment Advisors LLC raised its holdings in Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company's stock worth $40,000 after purchasing an additional 7,702 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Prime Medicine by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company's stock valued at $89,000 after purchasing an additional 8,985 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Prime Medicine in the second quarter worth about $97,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PRME shares. HC Wainwright reaffirmed a "buy" rating and issued a $10.00 price target on shares of Prime Medicine in a report on Friday, October 25th. Wedbush reissued an "outperform" rating and issued a $12.00 price target on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, StockNews.com upgraded Prime Medicine to a "sell" rating in a research report on Wednesday, August 7th. 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.com, the company has an average rating of "Moderate Buy" and a consensus target price of $13.50.

Prime Medicine Price Performance

Shares of NYSE PRME remained flat at $4.10 during mid-day trading on Friday. 617,691 shares of the stock were exchanged, compared to its average volume of 968,632. Prime Medicine, Inc. has a one year low of $3.28 and a one year high of $9.86. The firm's fifty day moving average is $3.87 and its 200-day moving average is $5.03. The company has a market capitalization of $492.12 million, a PE ratio of -1.90 and a beta of 2.09.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.06). As a group, analysts expect that Prime Medicine, Inc. will post -1.75 earnings per share for the current fiscal year.

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.