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

ARK Investment Management LLC increased its holdings in shares of Prime Medicine, Inc. (NYSE:PRME) by 135.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,477,851 shares of the company’s stock after purchasing an additional 3,155,182 shares during the period. ARK Investment Management LLC owned 4.07% of Prime Medicine worth $30,347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PRME. Jones Financial Companies Lllp acquired a new stake in shares of Prime Medicine during the third quarter worth about $49,000. Sterling Investment Advisors Ltd. purchased a new stake in Prime Medicine during the 3rd quarter valued at approximately $55,000. Creative Planning purchased a new stake in Prime Medicine during the 2nd quarter valued at approximately $25,000. Victory Capital Management Inc. acquired a new stake in Prime Medicine during the 3rd quarter worth approximately $56,000. Finally, Savant Capital LLC purchased a new position in shares of Prime Medicine in the 2nd quarter valued at approximately $37,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Stock Down 2.6%

NYSE:PRME opened at $4.12 on Thursday. The firm’s fifty day simple moving average is $3.81 and its 200-day simple moving average is $4.17. The stock has a market cap of $743.71 million, a PE ratio of -2.01 and a beta of 2.56. Prime Medicine, Inc. has a fifty-two week low of $1.11 and a fifty-two week high of $6.94.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PRME shares. Wedbush restated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, November 10th. Citigroup cut their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Lifesci Capital initiated coverage on shares of Prime Medicine in a report on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 target price on the stock. Finally, Chardan Capital dropped their price target on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.21.

About Prime Medicine

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.