Sumitomo Mitsui Trust Group Inc. Sells 164,157 Shares of Prime Medicine, Inc. (NYSE:PRME)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Prime Medicine, Inc. (NYSE:PRME) by 5.3% in the 1st quarter, HoldingsChannel reports. The fund owned 2,926,023 shares of the company’s stock after selling 164,157 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Prime Medicine were worth $5,823,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRME. Charles Schwab Investment Management Inc. increased its position in shares of Prime Medicine by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company’s stock worth $1,415,000 after acquiring an additional 20,614 shares in the last quarter. Vestmark Advisory Solutions Inc. increased its position in shares of Prime Medicine by 23.8% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 111,465 shares of the company’s stock worth $325,000 after acquiring an additional 21,429 shares in the last quarter. Greenwich Wealth Management LLC increased its position in shares of Prime Medicine by 5.6% during the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company’s stock worth $2,260,000 after acquiring an additional 41,000 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of Prime Medicine during the fourth quarter worth about $33,000. Finally, AXQ Capital LP bought a new stake in shares of Prime Medicine during the fourth quarter worth about $45,000. 70.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PRME shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Chardan Capital reduced their price objective on shares of Prime Medicine from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, May 19th. Citigroup reaffirmed a “neutral” rating and issued a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. JMP Securities reduced their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating for the company in a research report on Tuesday, May 20th. Finally, HC Wainwright downgraded shares of Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.08.

Prime Medicine Stock Up 2.9%

Prime Medicine stock opened at $3.16 on Friday. Prime Medicine, Inc. has a twelve month low of $1.11 and a twelve month high of $6.75. The firm has a 50 day moving average price of $1.66 and a 200-day moving average price of $2.12. The company has a market capitalization of $414.89 million, a P/E ratio of -1.54 and a beta of 1.55.

Insider Activity at Prime Medicine

In other Prime Medicine 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 bought at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, the insider owned 20,219,945 shares of the company’s stock, valued at $43,675,081.20. This represents a 0.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have purchased 63,000 shares of company stock worth $110,250. Corporate insiders own 22.93% of the company’s stock.

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.