Prime Medicine, Inc. $PRME Shares Sold by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. lessened its position in Prime Medicine, Inc. (NASDAQ:PRME) by 9.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,940,793 shares of the company’s stock after selling 304,713 shares during the quarter. Amova Asset Management Americas Inc. owned approximately 1.63% of Prime Medicine worth $10,205,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Creative Planning acquired a new stake in shares of Prime Medicine in the second quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Prime Medicine in the fourth quarter valued at $31,000. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine during the 4th quarter worth $33,000. Glen Eagle Advisors LLC purchased a new stake in Prime Medicine during the 4th quarter worth about $35,000. Finally, Wealthfront Advisers LLC purchased a new stake in Prime Medicine during the 1st quarter worth about $36,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price objective for the company in a research report on Monday, June 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research note on Monday, June 22nd. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Finally, Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.53.

Prime Medicine Stock Performance

Shares of NASDAQ:PRME opened at $3.05 on Tuesday. Prime Medicine, Inc. has a one year low of $2.67 and a one year high of $6.94. The stock has a market capitalization of $550.89 million, a price-to-earnings ratio of -2.48 and a beta of 2.26. The company has a 50-day simple moving average of $3.30 and a 200-day simple moving average of $3.57.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The firm had revenue of $0.86 million during the quarter. As a group, research analysts forecast that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Prime Medicine Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.