Sumitomo Mitsui Trust Holdings Inc. Sells 126,278 Shares of Prime Medicine, Inc. (NYSE:PRME)

Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of Prime Medicine, Inc. (NYSE:PRME) by 3.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 3,238,385 shares of the company’s stock after selling 126,278 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Prime Medicine were worth $16,645,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. ORG Partners LLC bought a new position in Prime Medicine in the 2nd quarter valued at $29,000. Chelsea Counsel Co. grew its position in Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares in the last quarter. ProShare Advisors LLC increased its stake in Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after acquiring an additional 2,520 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Prime Medicine in the 1st quarter valued at about $148,000. Finally, Strs Ohio bought a new stake in shares of Prime Medicine during the 4th quarter valued at about $151,000. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PRME shares. Wedbush restated an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 price objective (down from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. Citigroup raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Thursday, May 16th. Finally, HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.70.

Prime Medicine Trading Down 3.5 %

NYSE PRME opened at $4.37 on Wednesday. The stock has a 50-day moving average of $5.46 and a 200-day moving average of $6.28. Prime Medicine, Inc. has a 1-year low of $3.99 and a 1-year high of $13.60. The firm has a market cap of $524.54 million, a PE ratio of -2.01 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.06). As a group, equities research analysts forecast that Prime Medicine, Inc. will post -1.76 earnings per share for the current fiscal year.

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.