ARK Investment Management LLC Has $6.16 Million Position in 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 reduced its stake in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 39.9% during the 1st quarter, according to its most recent filing with the SEC. The firm 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PRME. American Century Companies Inc. purchased a new stake in Prime Medicine in the fourth quarter valued at $33,000. CWM LLC grew its holdings in Prime Medicine by 741.5% during the 1st quarter. CWM LLC now owns 20,466 shares of the company's stock worth $41,000 after acquiring an additional 18,034 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Prime Medicine in the 4th quarter valued at about $42,000. Balyasny Asset Management L.P. acquired a new position in shares of Prime Medicine in the 4th quarter valued at about $48,000. Finally, BNP Paribas Financial Markets bought a new stake in Prime Medicine in the 4th quarter valued at about $59,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Prime Medicine

In other Prime Medicine news, major shareholder David R. Liu bought 21,000 shares of the company's stock in a transaction on Monday, June 23rd. The shares were bought at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the transaction, the insider owned 20,219,945 shares of the company's stock, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders bought a total of 63,000 shares of company stock worth $110,250 in the last 90 days. 22.74% of the stock is currently owned by insiders.

Prime Medicine Price Performance

Shares of NYSE:PRME traded up $0.21 during midday trading on Wednesday, hitting $4.04. The company had a trading volume of 1,126,498 shares, compared to its average volume of 2,324,050. The business's 50-day simple moving average is $2.66 and its 200-day simple moving average is $2.27. The stock has a market cap of $543.90 million, a price-to-earnings ratio of -1.98 and a beta of 2.33. Prime Medicine, Inc. has a twelve month low of $1.11 and a twelve month high of $5.94.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PRME. JMP Securities lowered their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research report on Tuesday, May 20th. HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. Chardan Capital reduced their target price on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Wedbush reiterated an "outperform" rating and issued a $8.00 target price on shares of Prime Medicine in a report on Wednesday, July 16th. Finally, Citigroup reaffirmed a "neutral" rating and set a $1.50 target price (down from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average 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.