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

ARK Investment Management LLC increased its holdings in Prime Medicine, Inc. (NYSE:PRME) by 19.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,138,270 shares of the company’s stock after buying an additional 515,841 shares during the period. ARK Investment Management LLC’s holdings in Prime Medicine were worth $27,805,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Penserra Capital Management LLC increased its stake in Prime Medicine by 15.8% in the second quarter. Penserra Capital Management LLC now owns 8,107 shares of the company’s stock valued at $118,000 after acquiring an additional 1,107 shares during the last quarter. Metropolitan Life Insurance Co NY increased its stake in Prime Medicine by 206.8% in the second quarter. Metropolitan Life Insurance Co NY now owns 2,203 shares of the company’s stock valued at $32,000 after acquiring an additional 1,485 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in Prime Medicine by 293.1% in the second quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock valued at $48,000 after acquiring an additional 2,436 shares during the last quarter. Barclays PLC increased its stake in Prime Medicine by 47.7% in the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock valued at $116,000 after acquiring an additional 2,543 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Prime Medicine by 15.4% during the third quarter. Deutsche Bank AG now owns 20,555 shares of the company’s stock worth $196,000 after buying an additional 2,743 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $6.76 on Thursday. Prime Medicine, Inc. has a twelve month low of $5.54 and a twelve month high of $17.20. The company’s fifty day moving average is $7.43 and its 200 day moving average is $8.06.

Prime Medicine (NYSE:PRME) last issued 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). Analysts expect that Prime Medicine, Inc. will post -1.83 EPS for the current year.

Insider Buying and Selling

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

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.