Nikko Asset Management Americas Inc. Decreases Stake in Prime Medicine, Inc. (NYSE:PRME)

Nikko Asset Management Americas Inc. lowered its position in shares of Prime Medicine, Inc. (NYSE:PRME) by 5.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,926,023 shares of the company’s stock after selling 164,157 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Prime Medicine were worth $5,823,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PRME. American Century Companies Inc. purchased a new stake in shares of Prime Medicine during the 4th quarter worth about $33,000. CWM LLC lifted its position in Prime Medicine by 741.5% during the 1st quarter. CWM LLC now owns 20,466 shares of the company’s stock worth $41,000 after acquiring an additional 18,034 shares in the last quarter. XTX Topco Ltd acquired a new position in Prime Medicine during the 4th quarter worth approximately $42,000. Balyasny Asset Management L.P. acquired a new position in Prime Medicine during the 4th quarter worth approximately $48,000. Finally, BNP Paribas Financial Markets acquired a new position in Prime Medicine during the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Stock Down 3.2%

Shares of PRME opened at $4.21 on Friday. The business’s 50 day moving average is $2.55 and its two-hundred day moving average is $2.27. Prime Medicine, Inc. has a 52-week low of $1.11 and a 52-week high of $5.95. The firm has a market cap of $566.23 million, a price-to-earnings ratio of -2.05 and a beta of 2.33.

Wall Street Analyst Weigh In

PRME has been the topic of several recent research reports. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Prime Medicine in a research report on Tuesday, May 20th. HC Wainwright lowered Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. Wedbush reissued an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research report on Wednesday, July 16th. Chardan Capital reduced their price target on Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, May 19th. Finally, JMP Securities reduced their price target on Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.25.

Insider Activity

In other news, major shareholder David R. Liu purchased 21,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The shares were acquired at an average cost of $2.16 per share, with a total value of $45,360.00. Following the transaction, the insider owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. The trade was a 0.10% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders purchased 63,000 shares of company stock valued at $110,250. Corporate insiders own 22.93% of the company’s stock.

Prime Medicine 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.