Sumitomo Mitsui Trust Group Inc. Sells 304,713 Shares of Prime Medicine, Inc. $PRME

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Prime Medicine, Inc. (NASDAQ:PRME) by 9.4% during the first quarter, Holdings Channel reports. The fund owned 2,940,793 shares of the company’s stock after selling 304,713 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Prime Medicine were worth $10,234,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Creative Planning acquired a new stake in Prime Medicine during the 2nd quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Prime Medicine in the fourth quarter valued at $31,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Prime Medicine in the fourth quarter valued at about $33,000. Glen Eagle Advisors LLC bought a new position in shares of Prime Medicine in the fourth quarter valued at about $35,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Prime Medicine by 1,316.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after buying an additional 6,345 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PRME shares. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. HC Wainwright upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price objective for the company in a research report on Monday, June 29th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. TD Cowen restated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Finally, New Street Research set a $8.00 target price on Prime Medicine in a research report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.53.

Prime Medicine Stock Performance

PRME opened at $3.47 on Wednesday. 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 $626.75 million, a P/E ratio of -2.82 and a beta of 2.26. The stock has a fifty day moving average of $3.30 and a 200-day moving average of $3.58.

Prime Medicine (NASDAQ:PRME) last announced its earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The business had revenue of $0.86 million during the quarter. On average, equities research analysts predict that Prime Medicine, Inc. will post -0.98 earnings per share for the current fiscal year.

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.