ARK Investment Management LLC Sells 2,055,061 Shares of Prime Medicine, Inc. (NYSE:PRME)

Key Points

• ARK Investment Management LLC reduced its stake in Prime Medicine, Inc. by 39.9%, selling over 2 million shares and owning approximately 2.36% of the company afterward.
• Institutional investors now own 70.37% of Prime Medicine's shares, with other significant investors including Westwood Holdings Group and Walleye Capital increasing their positions in the fourth quarter.
• Analysts have a consensus rating of "Moderate Buy" for Prime Medicine, with target prices ranging from $1.50 to $9.25, reflecting varied market expectations.

ARK Investment Management LLC lowered its position in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 39.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,095,172 shares of the company's stock after selling 2,055,061 shares during the period. ARK Investment Management LLC owned approximately 2.36% of Prime Medicine worth $6,159,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PRME. Westwood Holdings Group Inc. increased its position in shares of Prime Medicine by 96.5% during the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after acquiring an additional 433,653 shares in the last quarter. Walleye Capital LLC increased its position in shares of Prime Medicine by 272.5% during the fourth quarter. Walleye Capital LLC now owns 403,739 shares of the company's stock valued at $1,179,000 after acquiring an additional 295,365 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Prime Medicine by 4.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company's stock valued at $11,616,000 after acquiring an additional 170,541 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $423,000. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $385,000. Institutional investors own 70.37% of the company's stock.

Insider Activity

In other Prime Medicine news, major shareholder David R. Liu acquired 21,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was purchased at an average price of $2.16 per share, with a total value of $45,360.00. Following the transaction, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. The trade was a 0.10% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have acquired 63,000 shares of company stock worth $110,250. Insiders own 22.93% of the company's stock.

Prime Medicine Price Performance

Shares of PRME stock opened at $4.21 on Friday. Prime Medicine, Inc. has a 1 year low of $1.11 and a 1 year high of $5.95. The firm has a fifty day moving average price of $2.55 and a 200-day moving average price of $2.27. The company has a market cap of $566.23 million, a price-to-earnings ratio of -2.05 and a beta of 2.33.

Analyst Upgrades and Downgrades

A number of research firms have commented on PRME. Wedbush reaffirmed an "outperform" rating and issued a $8.00 target price on shares of Prime Medicine in a research report on Wednesday, July 16th. HC Wainwright downgraded shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. Citigroup reaffirmed a "neutral" rating and issued a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. JMP Securities cut their target price on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Prime Medicine currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.25.

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.

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