Sumitomo Mitsui Trust Group Inc. Sells 384,418 Shares of Prime Medicine, Inc. $PRME

Key Points

• Sumitomo Mitsui Trust Group sold 384,418 shares of Prime Medicine, cutting its stake by 10.6% to 3,245,506 shares (about 1.80% of the company) valued at roughly $11.26 million.
• Prime Medicine shares opened at $3.81 with a market cap near $687.9 million and a 52‑week range of $1.11–$6.94, while institutional ownership stands at about 70.4%.
• Analysts are split but the consensus is a Moderate Buy with an average price target of $7.38, though individual ratings range from strong‑sell to outperform (Oppenheimer's $11 target).

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Prime Medicine, Inc. (NASDAQ:PRME - Free Report) by 10.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,245,506 shares of the company's stock after selling 384,418 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 1.80% of Prime Medicine worth $11,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Squarepoint Ops LLC increased its holdings in Prime Medicine by 10.5% in the 3rd quarter. Squarepoint Ops LLC now owns 39,601 shares of the company's stock worth $219,000 after buying an additional 3,775 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in Prime Medicine by 16.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company's stock worth $170,000 after buying an additional 4,280 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Prime Medicine by 1,316.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company's stock valued at $38,000 after acquiring an additional 6,345 shares during the period. AXQ Capital LP lifted its stake in Prime Medicine by 19.2% during the 3rd quarter. AXQ Capital LP now owns 44,818 shares of the company's stock valued at $248,000 after acquiring an additional 7,231 shares during the period. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Prime Medicine during the 3rd quarter valued at about $49,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Stock Up 3.8%

Prime Medicine stock opened at $3.81 on Friday. The business has a 50-day simple moving average of $3.65 and a two-hundred day simple moving average of $4.07. The company has a market cap of $687.90 million, a P/E ratio of -2.82 and a beta of 2.65. Prime Medicine, Inc. has a 52-week low of $1.11 and a 52-week high of $6.94.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PRME. Oppenheimer began coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They issued an "outperform" rating and a $11.00 price target for the company. Wall Street Zen downgraded shares of Prime Medicine from a "sell" rating to a "strong sell" rating in a research report on Saturday, April 11th. Weiss Ratings restated a "sell (d-)" rating on shares of Prime Medicine in a report on Monday, December 29th. Finally, Lifesci Capital raised shares of Prime Medicine to a "strong-buy" rating in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Prime Medicine has a consensus rating of "Moderate Buy" and an average price target of $7.38.

Prime Medicine Profile

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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