Nikko Asset Management Americas Inc. Sells 164,157 Shares of Prime Medicine, Inc. (NYSE:PRME)

Key Points

• Nikko Asset Management Americas Inc. reduced its holdings in Prime Medicine by 5.3%, owning about 2.23% of the company after selling 164,157 shares in the first quarter.
• Institutional investors and hedge funds now hold 70.37% of Prime Medicine's stock, indicating significant investor interest despite mixed analyst ratings.
• Prime Medicine's stock price is currently around $4.21, with a 52-week range between $1.11 and $5.95.

Nikko Asset Management Americas Inc. trimmed its position in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,926,023 shares of the company's stock after selling 164,157 shares during the period. Nikko Asset Management Americas Inc. owned approximately 2.23% of Prime Medicine worth $5,823,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PRME. American Century Companies Inc. acquired a new stake in Prime Medicine during the 4th quarter worth approximately $33,000. XTX Topco Ltd acquired a new stake in Prime Medicine during the 4th quarter worth approximately $42,000. Balyasny Asset Management L.P. acquired a new stake in Prime Medicine during the 4th quarter worth approximately $48,000. BNP Paribas Financial Markets acquired a new stake in Prime Medicine during the 4th quarter worth approximately $59,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in shares of Prime Medicine during the fourth quarter worth about $60,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Stock Up 7.0%

Shares of PRME stock traded up $0.27 on Wednesday, reaching $4.10. The stock had a trading volume of 1,036,227 shares, compared to its average volume of 2,323,579. The firm's 50-day moving average is $2.66 and its two-hundred day moving average is $2.27. The firm has a market capitalization of $551.43 million, a price-to-earnings ratio of -2.00 and a beta of 2.33. Prime Medicine, Inc. has a 12 month low of $1.11 and a 12 month high of $5.94.

Insider Activity

In other news, major shareholder David R. Liu bought 21,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were bought at an average cost of $2.16 per share, with a total value of $45,360.00. Following the acquisition, the insider owned 20,219,945 shares in the company, valued at $43,675,081.20. This trade represents a 0.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have bought 63,000 shares of company stock valued at $110,250. 22.74% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PRME shares. Wedbush reaffirmed an "outperform" rating and set a $8.00 price target on shares of Prime Medicine in a research note on Wednesday, July 16th. 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. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. JMP Securities decreased their price target on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prime Medicine presently has an average rating of "Moderate Buy" and an average target price of $9.25.

Prime Medicine 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.