Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in Prime Medicine, Inc. (NYSE:PRME)

Sumitomo Mitsui Trust Group Inc. trimmed its position in Prime Medicine, Inc. (NYSE:PRME - Free Report) by 3.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,090,180 shares of the company's stock after selling 100,275 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 2.36% of Prime Medicine worth $9,023,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. boosted its holdings in Prime Medicine by 20.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company's stock worth $81,000 after buying an additional 4,725 shares during the last quarter. Impact Partnership Wealth LLC acquired a new stake in Prime Medicine in the 4th quarter worth about $50,000. SG Americas Securities LLC boosted its holdings in Prime Medicine by 28.2% in the 4th quarter. SG Americas Securities LLC now owns 60,229 shares of the company's stock worth $176,000 after buying an additional 13,247 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company's stock worth $37,000 after buying an additional 12,507 shares during the last quarter. Finally, Avanza Fonder AB acquired a new stake in Prime Medicine in the 4th quarter worth about $66,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRME has been the topic of several research analyst reports. StockNews.com upgraded Prime Medicine to a "sell" rating in a report on Tuesday, February 11th. Citizens Jmp upgraded Prime Medicine to a "strong-buy" rating in a report on Tuesday, December 10th. Guggenheim restated a "buy" rating and set a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. JMP Securities started coverage on Prime Medicine in a report on Tuesday, December 10th. They set an "outperform" rating and a $10.00 target price on the stock. Finally, HC Wainwright restated a "buy" rating and set a $10.00 target price on shares of Prime Medicine in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.13.

Prime Medicine Price Performance

PRME traded up $0.24 during trading hours on Friday, reaching $2.84. The company's stock had a trading volume of 1,248,767 shares, compared to its average volume of 821,068. Prime Medicine, Inc. has a fifty-two week low of $2.25 and a fifty-two week high of $9.77. The stock has a market cap of $372.49 million, a PE ratio of -1.39 and a beta of 1.86. The business's 50-day moving average is $2.88 and its 200-day moving average is $3.53.

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.