Amova Asset Management Americas Inc. Reduces Stock Position in Prime Medicine, Inc. $PRME

Amova Asset Management Americas Inc. trimmed its stake in shares of Prime Medicine, Inc. (NASDAQ:PRME) by 9.4% in the first quarter, according to the company in its most recent 13F 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 period. Amova Asset Management Americas Inc.’s holdings in Prime Medicine were worth $10,205,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. UBS Group AG raised its position in Prime Medicine by 700.8% during the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock worth $8,469,000 after acquiring an additional 2,135,810 shares during the last quarter. MWG Caph Ltd purchased a new stake in shares of Prime Medicine in the fourth quarter valued at about $6,219,000. CENTRAL TRUST Co acquired a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $121,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $43,000. Finally, Arizona State Retirement System acquired a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $84,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. New Street Research set a $8.00 price objective on Prime Medicine in a research report on Monday, June 29th. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research report on Monday, June 22nd. HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price target for the company in a report on Monday, June 29th. Finally, TD Cowen restated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.53.

Prime Medicine Stock Performance

Shares of PRME opened at $3.05 on Tuesday. Prime Medicine, Inc. has a fifty-two week low of $2.67 and a fifty-two week high of $6.94. The company has a market capitalization of $550.89 million, a PE ratio of -2.48 and a beta of 2.26. The stock has a fifty day moving average of $3.30 and a two-hundred day 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 (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The business had revenue of $0.86 million for the quarter. Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%. As a group, equities research analysts forecast that Prime Medicine, Inc. will post -0.98 earnings per share for the current fiscal year.

About Prime Medicine

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.