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

Amova Asset Management Americas Inc. cut its stake in shares of Prime Medicine, Inc. (NASDAQ:PRME) by 10.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 3,245,506 shares of the company’s stock after selling 384,418 shares during the period. Amova Asset Management Americas Inc.’s holdings in Prime Medicine were worth $11,197,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alphabet Inc. grew its position in shares of Prime Medicine by 10.0% during the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after buying an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC grew its position in shares of Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after buying an additional 3,155,182 shares in the last quarter. Farallon Capital Management LLC grew its position in shares of Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after buying an additional 4,000,000 shares in the last quarter. HighTower Advisors LLC grew its position in shares of Prime Medicine by 1,463.0% during the third quarter. HighTower Advisors LLC now owns 333,755 shares of the company’s stock worth $1,849,000 after buying an additional 312,401 shares in the last quarter. Finally, Casdin Capital LLC grew its position in shares of Prime Medicine by 102.1% during the third quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock worth $17,546,000 after buying an additional 1,600,000 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

Prime Medicine stock opened at $2.88 on Wednesday. Prime Medicine, Inc. has a 12 month low of $1.40 and a 12 month high of $6.94. The business has a 50 day simple moving average of $3.35 and a 200-day simple moving average of $3.64. The stock has a market capitalization of $520.19 million, a PE ratio of -2.34 and a beta of 2.31.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PRME shares. Oppenheimer started coverage on Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.65.

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.