ARK Investment Management LLC Sells 510,486 Shares of Prime Medicine, Inc. (NYSE:PRME)

ARK Investment Management LLC reduced its holdings in Prime Medicine, Inc. (NYSE:PRME) by 9.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,150,233 shares of the company’s stock after selling 510,486 shares during the period. ARK Investment Management LLC’s holdings in Prime Medicine were worth $15,039,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in PRME. Nisa Investment Advisors LLC increased its position in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after buying an additional 12,507 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Prime Medicine during the 3rd quarter worth approximately $45,000. Impact Partnership Wealth LLC acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $50,000. Intech Investment Management LLC acquired a new stake in shares of Prime Medicine during the 3rd quarter worth approximately $55,000. Finally, Avanza Fonder AB acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $66,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Price Performance

Shares of PRME stock opened at $2.65 on Wednesday. The stock’s fifty day simple moving average is $2.87 and its 200 day simple moving average is $3.45. The firm has a market cap of $347.58 million, a price-to-earnings ratio of -1.29 and a beta of 1.86. Prime Medicine, Inc. has a one year low of $2.25 and a one year high of $9.77.

Analyst Ratings Changes

Several brokerages have recently weighed in on PRME. StockNews.com raised Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Chardan Capital decreased their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th. JMP Securities began coverage on Prime Medicine in a report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price objective on the stock. Finally, Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus target price of $13.13.

Prime Medicine Company 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.