ARK Investment Management LLC Has $27.81 Million Stock Holdings in Prime Medicine, Inc. (NYSE:PRME)

ARK Investment Management LLC raised its stake in shares of Prime Medicine, Inc. (NYSE:PRME) by 19.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,138,270 shares of the company’s stock after purchasing an additional 515,841 shares during the quarter. ARK Investment Management LLC owned 3.22% of Prime Medicine worth $27,805,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY boosted its holdings in Prime Medicine by 206.8% during the second quarter. Metropolitan Life Insurance Co NY now owns 2,203 shares of the company’s stock valued at $32,000 after purchasing an additional 1,485 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Prime Medicine by 293.1% during the second quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock valued at $48,000 after purchasing an additional 2,436 shares in the last quarter. Royal Bank of Canada boosted its holdings in Prime Medicine by 506.6% during the second quarter. Royal Bank of Canada now owns 3,579 shares of the company’s stock valued at $53,000 after purchasing an additional 2,989 shares in the last quarter. Barclays PLC boosted its holdings in Prime Medicine by 47.7% during the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock valued at $116,000 after purchasing an additional 2,543 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its holdings in Prime Medicine by 15.8% during the second quarter. Penserra Capital Management LLC now owns 8,107 shares of the company’s stock valued at $118,000 after purchasing an additional 1,107 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PRME shares. Stifel Nicolaus downgraded Prime Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Guggenheim reduced their target price on Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Finally, Citigroup initiated coverage on Prime Medicine in a report on Friday, December 8th. They issued a “neutral” rating and a $10.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Prime Medicine has an average rating of “Hold” and a consensus price target of $17.57.

Insider Buying and Selling

In related news, Director Robert Nelsen acquired 3,200,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the transaction, the director now directly owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 24.29% of the stock is currently owned by corporate insiders.

Prime Medicine Stock Performance

PRME stock opened at $6.76 on Thursday. The company has a 50 day moving average price of $7.43 and a 200 day moving average price of $8.06. Prime Medicine, Inc. has a fifty-two week low of $5.54 and a fifty-two week high of $17.20.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities analysts predict that Prime Medicine, Inc. will post -1.83 EPS for the current year.

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.