Prime Medicine, Inc. $PRME Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC reduced its holdings in Prime Medicine by 25% during the second quarter, owning approximately 2.32 million shares valued at about $5.74 million after selling 772,503 shares.
• Prime Medicine's stock recently faced a 9.5% decline, trading at $5.59, while analysts have set price targets ranging from $8.00 to $10.00, with an average target price of $8.92.
• Major shareholder Arch Venture Partners increased its stake significantly by acquiring over 3 million shares at an average price of $3.30, marking a 94.7% increase in their holdings.

ARK Investment Management LLC lessened its holdings in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 25.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,322,669 shares of the company's stock after selling 772,503 shares during the period. ARK Investment Management LLC owned 1.73% of Prime Medicine worth $5,737,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of Prime Medicine during the 2nd quarter worth about $33,000. CWM LLC increased its position in Prime Medicine by 741.5% during the first quarter. CWM LLC now owns 20,466 shares of the company's stock worth $41,000 after buying an additional 18,034 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in Prime Medicine by 52.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company's stock worth $57,000 after buying an additional 7,954 shares during the period. Cerity Partners LLC acquired a new position in Prime Medicine during the first quarter worth approximately $62,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Prime Medicine by 112.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,007 shares of the company's stock worth $64,000 after buying an additional 13,777 shares during the period. Institutional investors and hedge funds own 70.37% of the company's stock.

Analysts Set New Price Targets

PRME has been the topic of several research analyst reports. Chardan Capital cut their price target on Prime Medicine from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Wedbush reaffirmed an "outperform" rating and set a $8.00 price target on shares of Prime Medicine in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $8.92.

Prime Medicine Trading Down 9.5%

NYSE:PRME opened at $5.59 on Wednesday. The firm has a market cap of $752.27 million, a P/E ratio of -2.73 and a beta of 2.65. The stock's 50 day simple moving average is $4.65 and its 200-day simple moving average is $3.14. Prime Medicine, Inc. has a 12-month low of $1.11 and a 12-month high of $6.94.

Insider Activity

In related news, major shareholder Arch Venture Partners Xii, Llc bought 3,030,300 shares of the company's stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $3.30 per share, with a total value of $9,999,990.00. Following the completion of the acquisition, the insider owned 6,230,300 shares in the company, valued at approximately $20,559,990. This trade represents a 94.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.74% of the company's stock.

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.

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