HC Wainwright Forecasts Reduced Earnings for Prime Medicine

Prime Medicine, Inc. (NYSE:PRME) – Analysts at HC Wainwright decreased their FY2024 earnings per share estimates for Prime Medicine in a research report issued on Wednesday, November 13th. HC Wainwright analyst A. He now expects that the company will post earnings of ($1.69) per share for the year, down from their previous forecast of ($1.68). HC Wainwright currently has a “Buy” rating and a $10.00 target price on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.75) per share. HC Wainwright also issued estimates for Prime Medicine’s Q4 2024 earnings at ($0.36) EPS, Q1 2025 earnings at ($0.36) EPS, Q2 2025 earnings at ($0.37) EPS, Q3 2025 earnings at ($0.30) EPS, Q4 2025 earnings at ($0.31) EPS, FY2025 earnings at ($1.33) EPS, FY2026 earnings at ($1.39) EPS, FY2027 earnings at ($1.39) EPS and FY2028 earnings at ($1.16) EPS.

PRME has been the subject of several other reports. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Thursday. Wedbush restated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, Chardan Capital decreased their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Price Performance

Prime Medicine stock opened at $3.35 on Friday. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86. The firm’s 50 day moving average price is $3.88 and its 200-day moving average price is $5.01. The stock has a market cap of $438.73 million, a P/E ratio of -1.63 and a beta of 2.09.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million.

Institutional Trading of Prime Medicine

Several hedge funds have recently made changes to their positions in PRME. ARK Investment Management LLC increased its stake in Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock worth $31,492,000 after acquiring an additional 133,419 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Prime Medicine by 43.1% during the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after purchasing an additional 301,431 shares during the last quarter. Redmile Group LLC raised its holdings in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after buying an additional 750,000 shares during the period. Finally, Geode Capital Management LLC lifted its position in Prime Medicine by 4.9% in the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after buying an additional 63,456 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Company 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.