MWG Caph Ltd Invests $6.22 Million in Prime Medicine, Inc. $PRME

MWG Caph Ltd purchased a new position in Prime Medicine, Inc. (NASDAQ:PRME) during the 4th quarter, HoldingsChannel reports. The fund purchased 1,792,210 shares of the company’s stock, valued at approximately $6,219,000. Prime Medicine makes up approximately 8.6% of MWG Caph Ltd’s investment portfolio, making the stock its 3rd largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ARK Investment Management LLC lifted its stake in shares of Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after buying an additional 3,155,182 shares in the last quarter. Farallon Capital Management LLC lifted its stake in shares of Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after buying an additional 4,000,000 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Prime Medicine by 1,463.0% in the third quarter. HighTower Advisors LLC now owns 333,755 shares of the company’s stock worth $1,849,000 after buying an additional 312,401 shares in the last quarter. Casdin Capital LLC lifted its stake in shares of Prime Medicine by 102.1% in the third quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock worth $17,546,000 after buying an additional 1,600,000 shares in the last quarter. Finally, DNB Asset Management AS purchased a new position in shares of Prime Medicine in the third quarter worth about $1,009,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRME has been the topic of several research reports. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Oppenheimer started coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.65.

Prime Medicine Trading Up 10.1%

Prime Medicine stock opened at $3.16 on Thursday. Prime Medicine, Inc. has a 12-month low of $1.55 and a 12-month high of $6.94. The stock has a market cap of $570.76 million, a P/E ratio of -2.57 and a beta of 2.31. The company has a 50-day moving average price of $3.30 and a 200 day moving average price of $3.60.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The company had revenue of $0.86 million for the quarter. As a group, analysts forecast that Prime Medicine, Inc. will post -0.98 EPS for the current year.

Prime Medicine Company 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.