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

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Prime Medicine, Inc. (NYSE:PRME - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,926,023 shares of the company's stock after selling 164,157 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 2.23% of Prime Medicine worth $5,823,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. raised 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 worth $2,579,000 after buying an additional 433,653 shares in the last quarter. Walleye Capital LLC raised its stake in Prime Medicine by 272.5% during the fourth quarter. Walleye Capital LLC now owns 403,739 shares of the company's stock worth $1,179,000 after acquiring an additional 295,365 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of 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 during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Prime Medicine in the 4th quarter valued at approximately $423,000. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Prime Medicine during the 4th quarter valued at approximately $385,000. 70.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wedbush restated an "outperform" rating and set a $13.00 price target (up from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. HC Wainwright lowered shares of Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Chardan Capital dropped their price target on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, May 19th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Finally, Citigroup restated a "neutral" rating and issued a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. 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. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of "Moderate Buy" and an average price target of $10.08.

Prime Medicine Stock Performance

Shares of NYSE:PRME traded up $0.09 during trading on Friday, reaching $3.16. The stock had a trading volume of 3,704,342 shares, compared to its average volume of 1,544,653. Prime Medicine, Inc. has a 52 week low of $1.11 and a 52 week high of $6.75. The firm's fifty day moving average is $1.66 and its 200 day moving average is $2.12. The stock has a market cap of $414.89 million, a price-to-earnings ratio of -1.54 and a beta of 2.33.

Insider Transactions at Prime Medicine

In other news, major shareholder David R. Liu purchased 21,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were acquired at an average price of $2.16 per share, with a total value of $45,360.00. Following the completion of the transaction, the insider owned 20,219,945 shares of the company's stock, valued at $43,675,081.20. The trade was a 0.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 63,000 shares of company stock valued at $110,250 in the last quarter. 22.93% of the stock is owned by insiders.

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.