Prime Medicine’s (PRME) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Prime Medicine (NYSE:PRME) in a research report released on Wednesday morning,Benzinga reports. They currently have a $10.00 target price on the stock. HC Wainwright also issued estimates for Prime Medicine’s Q4 2024 earnings at ($0.36) EPS, FY2024 earnings at ($1.69) 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.

A number of other brokerages also recently issued reports on PRME. Wedbush reiterated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Thursday, August 8th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Price Performance

PRME stock opened at $3.35 on Wednesday. The company has a fifty day moving average price of $3.88 and a two-hundred day moving average price of $5.01. Prime Medicine has a one year low of $3.28 and a one year high of $9.86. The stock has a market cap of $438.73 million, a price-to-earnings ratio of -1.63 and a beta of 2.09.

Prime Medicine (NYSE:PRME) last announced its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. Research analysts anticipate that Prime Medicine will post -1.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently bought and sold shares of the stock. Westwood Holdings Group Inc. purchased a new position in shares of Prime Medicine during the 1st quarter valued at $1,115,000. 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 valued at $40,610,000 after buying an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD lifted 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 buying an additional 301,431 shares during the last quarter. Millennium Management LLC lifted its position in shares of Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after buying an additional 895,610 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Prime Medicine during the 1st quarter valued at $148,000. 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.