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

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 5.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,926,023 shares of the company's stock after selling 164,157 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 2.23% of Prime Medicine worth $5,823,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Westwood Holdings Group Inc. boosted its holdings in shares of Prime Medicine by 96.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after buying an additional 433,653 shares in the last quarter. Walleye Capital LLC boosted its position in shares of Prime Medicine by 272.5% in the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company's stock worth $1,179,000 after purchasing an additional 295,365 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Prime Medicine by 4.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company's stock worth $11,616,000 after acquiring an additional 170,541 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Prime Medicine in the fourth quarter worth $423,000. Finally, ExodusPoint Capital Management LP bought a new position in Prime Medicine in the 4th quarter worth about $385,000. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRME has been the topic of several analyst reports. Chardan Capital dropped their target price on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. HC Wainwright downgraded Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Citigroup reaffirmed a "neutral" rating and set a $1.50 price target (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Wedbush restated an "outperform" rating and set a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $10.08.

Prime Medicine Price Performance

Shares of PRME stock traded up $0.69 on Monday, hitting $3.80. 15,719,006 shares of the stock traded hands, compared to its average volume of 1,604,654. The firm has a market cap of $498.92 million, a price-to-earnings ratio of -1.85 and a beta of 2.33. Prime Medicine, Inc. has a 52 week low of $1.11 and a 52 week high of $6.75. The firm has a 50 day simple moving average of $1.73 and a two-hundred day simple moving average of $2.12.

Insider Transactions at Prime Medicine

In related news, major shareholder David R. Liu acquired 21,000 shares of Prime Medicine stock in a transaction dated Monday, June 23rd. The shares were purchased at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the completion of the transaction, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This represents a 0.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders purchased 63,000 shares of company stock worth $110,250. 22.93% of the stock is currently owned by company insiders.

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.