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

MWG Caph Ltd acquired a new position in Prime Medicine, Inc. (NASDAQ:PRME) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,792,210 shares of the company’s stock, valued at approximately $6,219,000. Prime Medicine accounts for 8.6% of MWG Caph Ltd’s portfolio, making the stock its 3rd biggest holding. MWG Caph Ltd owned 0.99% of Prime Medicine as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in shares of Prime Medicine by 1,316.4% in the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Prime Medicine during the fourth quarter worth $31,000. Jones Financial Companies Lllp purchased a new stake in Prime Medicine during the third quarter worth $49,000. Caitong International Asset Management Co. Ltd purchased a new stake in Prime Medicine during the fourth quarter worth $33,000. Finally, Glen Eagle Advisors LLC purchased a new stake in Prime Medicine during the fourth quarter worth $35,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Stock Up 10.1%

PRME opened at $3.16 on Thursday. The company has a market cap of $570.76 million, a price-to-earnings ratio of -2.57 and a beta of 2.31. Prime Medicine, Inc. has a 52-week low of $1.55 and a 52-week high of $6.94. The firm’s fifty day simple moving average is $3.30 and its two-hundred day simple moving average is $3.60.

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PRME shares. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. Oppenheimer started coverage on shares of Prime Medicine in a report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $7.65.

Prime Medicine 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.