Nikko Asset Management Americas Inc. Sells 92,275 Shares of Prime Medicine, Inc. (NYSE:PRME)

Nikko Asset Management Americas Inc. decreased its position in Prime Medicine, Inc. (NYSE:PRME) by 2.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 3,090,180 shares of the company’s stock after selling 92,275 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Prime Medicine were worth $9,023,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after buying an additional 12,507 shares during the last quarter. Paloma Partners Management Co bought a new stake in Prime Medicine in the 3rd quarter worth approximately $45,000. Impact Partnership Wealth LLC bought a new stake in Prime Medicine in the 4th quarter worth approximately $50,000. Intech Investment Management LLC bought a new stake in Prime Medicine in the 3rd quarter worth approximately $55,000. Finally, Avanza Fonder AB bought a new stake in Prime Medicine in the 4th quarter worth approximately $66,000. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Stock Performance

PRME opened at $1.79 on Monday. Prime Medicine, Inc. has a 52-week low of $1.71 and a 52-week high of $8.27. The stock has a market capitalization of $234.78 million, a PE ratio of -0.87 and a beta of 1.85. The stock’s 50 day moving average price is $2.68 and its 200-day moving average price is $3.26.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the previous year, the firm earned ($2.18) earnings per share. Research analysts forecast that Prime Medicine, Inc. will post -1.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PRME has been the topic of a number of analyst reports. Chardan Capital reaffirmed a “buy” rating and issued a $15.00 price target on shares of Prime Medicine in a research note on Monday, March 3rd. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. JMP Securities initiated coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. Guggenheim reaffirmed a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and a consensus price target of $13.13.

Prime Medicine Company 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.