ARK Investment Management LLC Reduces Holdings in Prime Medicine, Inc. (NYSE:PRME)

ARK Investment Management LLC lowered its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 7.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 about 4.72% of Prime Medicine worth $21,907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRME. Vanguard Group Inc. boosted its position in shares of Prime Medicine by 43.1% during the first 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 buying an additional 301,431 shares in the last quarter. Redmile Group LLC lifted its position 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 acquiring an additional 750,000 shares during the period. Millennium Management LLC boosted its position in shares of Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased its position in Prime Medicine by 1.3% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 896,960 shares of the company’s stock valued at $4,610,000 after buying an additional 11,646 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Stock Performance

Shares of NYSE PRME opened at $4.10 on Friday. Prime Medicine, Inc. has a 12-month low of $3.28 and a 12-month high of $9.86. The firm has a market capitalization of $492.12 million, a price-to-earnings ratio of -1.90 and a beta of 2.09. The firm has a 50 day moving average of $3.87 and a 200 day moving average of $5.04.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on PRME shares. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. Finally, HC Wainwright reissued a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

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.