Prime Medicine, Inc. (NYSE:PRME) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Prime Medicine, Inc. (NYSE:PRME) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,190,455 shares of the company’s stock after selling 47,930 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Prime Medicine were worth $12,347,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PRME. Westwood Holdings Group Inc. bought a new stake in shares of Prime Medicine during the 1st quarter worth about $1,115,000. Vanguard Group Inc. increased its position in shares of Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after acquiring an additional 1,746,534 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after acquiring an additional 301,431 shares in the last quarter. Millennium Management LLC grew its position in Prime Medicine by 205.7% during the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares in the last quarter. Finally, ORG Partners LLC purchased a new position in Prime Medicine during the second quarter valued at approximately $29,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

Shares of NYSE:PRME opened at $3.35 on Monday. The company has a market capitalization of $439.39 million, a price-to-earnings ratio of -1.63 and a beta of 2.09. The firm’s 50 day simple moving average is $3.88 and its 200 day simple moving average is $5.01. Prime Medicine, Inc. has a fifty-two week low of $3.28 and a fifty-two week high of $9.86.

Prime Medicine (NYSE:PRME) last announced its earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The business had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $55.00 million. Equities research analysts expect that Prime Medicine, Inc. will post -1.71 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PRME shares. Wedbush reaffirmed an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Thursday. HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday, November 13th. Finally, Chardan Capital cut their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Prime Medicine 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.