Prime Medicine, Inc. $PRME Stock: Sumitomo Mitsui Trust Group Inc. Boosts Stake

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Prime Medicine, Inc. (NASDAQ:PRME) by 20.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,911,596 shares of the company’s stock after acquiring an additional 498,612 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Prime Medicine were worth $8,895,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Prime Medicine in the 3rd quarter valued at about $28,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Prime Medicine by 15.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 33,094 shares of the company’s stock worth $102,000 after purchasing an additional 4,349 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in Prime Medicine by 169.5% in the third quarter. Oppenheimer & Co. Inc. now owns 79,914 shares of the company’s stock worth $244,000 after purchasing an additional 50,264 shares in the last quarter. Greenwich Wealth Management LLC grew its stake in Prime Medicine by 2.4% in the second quarter. Greenwich Wealth Management LLC now owns 768,001 shares of the company’s stock worth $2,834,000 after purchasing an additional 18,000 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Prime Medicine by 15.5% in the second quarter. Arizona State Retirement System now owns 28,646 shares of the company’s stock valued at $106,000 after buying an additional 3,855 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on PRME shares. BMO Capital Markets began coverage on Prime Medicine in a research note on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective on the stock. Jefferies Financial Group reiterated a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. Wall Street Zen raised shares of Prime Medicine from a “sell” rating to a “hold” rating in a report on Saturday, October 31st. Chardan Capital reiterated a “buy” rating and set a $7.00 target price on shares of Prime Medicine in a research note on Friday, September 25th. Finally, Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Stock Up 4.5%

PRME stock traded up $0.20 during midday trading on Friday, reaching $4.65. The company had a trading volume of 3,058,994 shares, compared to its average volume of 6,416,984. The stock has a 50 day moving average price of $3.65 and a 200 day moving average price of $3.52. The firm has a market capitalization of $843.42 million, a PE ratio of -4.39 and a beta of 2.14. Prime Medicine, Inc. has a fifty-two week low of $2.67 and a fifty-two week high of $5.91.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. The business had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Research analysts predict that Prime Medicine, Inc. will post -0.97 EPS for the current year.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.