Sumitomo Mitsui Trust Group Inc. Has $10.23 Million Stock Position in Prime Medicine, Inc. $PRME

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its Prime Medicine stake by 9.4% in the first quarter, selling 304,713 shares and leaving it with 2.94 million shares valued at about $10.23 million.
• Institutional ownership remains high at 70.37%, with several other funds making large moves in Prime Medicine, including major increases from State Street, Balyasny Asset Management, and UBS Group.
• Analyst views are mixed but lean positive: Prime Medicine has a Moderate Buy consensus with an average price target of $7.53, while the stock recently traded at $3.47 and the company reported a wider-than-expected quarterly loss.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Prime Medicine, Inc. (NASDAQ:PRME - Free Report) by 9.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,940,793 shares of the company's stock after selling 304,713 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 1.63% of Prime Medicine worth $10,234,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. State Street Corp boosted its holdings in Prime Medicine by 293.0% during the fourth quarter. State Street Corp now owns 5,095,510 shares of the company's stock worth $17,681,000 after purchasing an additional 3,798,884 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in Prime Medicine by 6,426.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company's stock valued at $10,842,000 after buying an additional 3,076,489 shares during the last quarter. Woodline Partners LP bought a new stake in Prime Medicine during the 3rd quarter worth about $16,634,000. RA Capital Management L.P. bought a new stake in Prime Medicine during the 3rd quarter worth about $16,620,000. Finally, UBS Group AG boosted its stake in shares of Prime Medicine by 700.8% during the 4th quarter. UBS Group AG now owns 2,440,583 shares of the company's stock worth $8,469,000 after buying an additional 2,135,810 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRME shares. TD Cowen restated a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. Wall Street Zen lowered Prime Medicine from a "sell" rating to a "strong sell" rating in a report on Wednesday, May 13th. New Street Research set a $8.00 price target on Prime Medicine in a research report on Monday, June 29th. HC Wainwright upgraded Prime Medicine from a "neutral" rating to a "buy" rating and set a $8.00 price target for the company in a research note on Monday, June 29th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Prime Medicine has a consensus rating of "Moderate Buy" and an average target price of $7.53.

Prime Medicine Price Performance

Shares of PRME stock opened at $3.47 on Wednesday. The company has a fifty day moving average price of $3.30 and a two-hundred day moving average price of $3.58. Prime Medicine, Inc. has a one year low of $2.67 and a one year high of $6.94. The stock has a market cap of $626.75 million, a P/E ratio of -2.82 and a beta of 2.26.

Prime Medicine (NASDAQ:PRME - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The firm had revenue of $0.86 million for the quarter. Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%. As a group, equities research analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

About Prime Medicine

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.

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