Wedbush Predicts Prime Medicine FY2024 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Equities researchers at Wedbush issued their FY2024 earnings per share (EPS) estimates for Prime Medicine in a note issued to investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten forecasts that the company will earn ($1.66) per share for the year. Wedbush has a “Outperform” rating and a $12.00 price target on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.75) per share. Wedbush also issued estimates for Prime Medicine’s Q4 2024 earnings at ($0.33) EPS, Q1 2025 earnings at ($0.34) EPS, Q2 2025 earnings at ($0.34) EPS, Q3 2025 earnings at ($0.33) EPS, Q4 2025 earnings at ($0.33) EPS, FY2025 earnings at ($1.33) EPS, FY2026 earnings at ($0.02) EPS, FY2027 earnings at ($1.41) EPS and FY2028 earnings at ($1.47) EPS.

Several other analysts have also issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a report on Wednesday. Chardan Capital decreased their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Stock Down 7.0 %

Shares of Prime Medicine stock opened at $3.35 on Friday. The firm has a market cap of $438.73 million, a PE ratio of -1.63 and a beta of 2.09. Prime Medicine has a 52 week low of $3.28 and a 52 week high of $9.86. The business’s fifty day simple moving average is $3.88 and its 200-day simple moving average is $5.02.

Institutional Trading of Prime Medicine

Large investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Prime Medicine during the first quarter worth approximately $148,000. ProShare Advisors LLC raised its holdings in shares of Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares in the last quarter. Vanguard Group Inc. lifted 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 worth $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of Prime Medicine during the first quarter worth $1,115,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Prime Medicine

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.