Sumitomo Mitsui Trust Group Inc. Buys 498,612 Shares of Prime Medicine, Inc. $PRME

Key Points

• Sumitomo Mitsui Trust Group increased its Prime Medicine stake by 20.7%, buying 498,612 shares to reach 2.91 million shares, worth about $8.9 million; institutional investors own 70.37% of the company.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $7.47. Recent ratings include one Strong Buy, eight Buys and one Sell.
• Prime Medicine shares rose 4.5% to $4.65 in Friday mid-day trading. In its latest reported quarter, the company’s loss per share matched estimates at $0.24, while revenue of $1.15 million came in below the $4.40 million forecast.

Sumitomo Mitsui Trust Group Inc. increased its stake in Prime Medicine, Inc. (NASDAQ:PRME - Free Report) by 20.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,911,596 shares of the company's stock after purchasing an additional 498,612 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 1.61% of Prime Medicine worth $8,895,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Prime Medicine during the third quarter worth $28,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Prime Medicine by 15.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 33,094 shares of the company's stock worth $102,000 after buying an additional 4,349 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Prime Medicine by 169.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 79,914 shares of the company's stock worth $244,000 after buying an additional 50,264 shares in the last quarter. Greenwich Wealth Management LLC boosted its position in shares of Prime Medicine by 2.4% in the 2nd quarter. Greenwich Wealth Management LLC now owns 768,001 shares of the company's stock worth $2,834,000 after buying an additional 18,000 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Prime Medicine by 15.5% in the 2nd quarter. Arizona State Retirement System now owns 28,646 shares of the company's stock valued at $106,000 after acquiring an additional 3,855 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. BMO Capital Markets began coverage on Prime Medicine in a research report on Tuesday, August 18th. They set an "outperform" rating and a $9.00 price objective for the company. Chardan Capital reiterated a "buy" rating and set a $7.00 price objective on shares of Prime Medicine in a research report on Friday, September 25th. Wall Street Zen raised shares of Prime Medicine from a "sell" rating to a "hold" rating in a research note on Saturday, October 31st. Jefferies Financial Group restated a "market outperform" rating on shares of Prime Medicine in a report on Monday, September 28th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Prime Medicine in a research note on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $7.47.

Prime Medicine Trading Up 4.5%

NASDAQ:PRME traded up $0.20 during mid-day trading on Friday, hitting $4.65. The company had a trading volume of 3,058,994 shares, compared to its average volume of 6,416,984. The business has a fifty day simple moving average of $3.65 and a 200-day simple moving average of $3.52. Prime Medicine, Inc. has a 1 year low of $2.67 and a 1 year high of $5.91. The firm has a market capitalization of $843.42 million, a price-to-earnings ratio of -4.39 and a beta of 2.14.

Prime Medicine (NASDAQ:PRME - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. The firm had revenue of $1.15 million during the quarter, compared to analysts' expectations of $4.40 million. As a group, research analysts anticipate that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company's platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.

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