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

Nikko Asset Management Americas Inc. cut its holdings in shares of Prime Medicine, Inc. (NYSE:PRME) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,090,180 shares of the company’s stock after selling 92,275 shares during the quarter. Nikko Asset Management Americas Inc. owned approximately 2.36% of Prime Medicine worth $9,023,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PRME. Nisa Investment Advisors LLC increased its position in shares of Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after purchasing an additional 12,507 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Prime Medicine in the 3rd quarter worth about $45,000. Impact Partnership Wealth LLC purchased a new stake in Prime Medicine in the 4th quarter worth about $50,000. Intech Investment Management LLC purchased a new stake in Prime Medicine in the 3rd quarter worth about $55,000. Finally, Avanza Fonder AB purchased a new stake in Prime Medicine in the 4th quarter worth about $66,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PRME has been the subject of several recent research reports. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a report on Monday, March 3rd. Chardan Capital reissued a “buy” rating and issued a $15.00 price objective on shares of Prime Medicine in a report on Monday, March 3rd. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Wedbush restated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Friday, February 28th. Finally, Guggenheim restated a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.13.

Prime Medicine Trading Up 4.1 %

Shares of PRME opened at $1.79 on Monday. The company has a market cap of $234.78 million, a PE ratio of -0.87 and a beta of 1.85. The stock has a 50-day moving average price of $2.68 and a 200-day moving average price of $3.26. Prime Medicine, Inc. has a 12-month low of $1.71 and a 12-month high of $8.27.

Prime Medicine (NYSE:PRME) last issued its quarterly 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 company posted ($2.18) earnings per share. As a group, analysts predict that Prime Medicine, Inc. will post -1.68 earnings per share for the current year.

About Prime Medicine

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.