Prime Medicine FY2024 EPS Estimate Reduced by HC Wainwright

Prime Medicine, Inc. (NYSE:PRME) – Equities research analysts at HC Wainwright dropped their FY2024 earnings per share estimates for shares of Prime Medicine in a research note issued on Wednesday, November 13th. HC Wainwright analyst A. He now forecasts that the company will post earnings of ($1.69) per share for the year, down from their previous forecast of ($1.68). HC Wainwright has a “Buy” rating and a $10.00 price objective 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.

A number of other research analysts also recently commented on the stock. Chardan Capital reduced their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Trading Down 9.2 %

PRME stock opened at $3.60 on Friday. The firm has a 50 day simple moving average of $3.88 and a 200-day simple moving average of $5.03. The company has a market capitalization of $471.52 million, a P/E ratio of -1.75 and a beta of 2.09. Prime Medicine has a twelve month low of $3.28 and a twelve month high of $9.86.

Institutional Investors Weigh In On Prime Medicine

Large investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC increased its stake in shares of Prime Medicine by 2.2% in the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after purchasing an additional 133,419 shares during the period. Vanguard Group Inc. raised its stake in 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 acquiring an additional 1,746,534 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in 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 worth $17,660,000 after acquiring an additional 301,431 shares during the period. Redmile Group LLC grew its stake in shares of Prime Medicine by 56.6% in the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after purchasing an additional 750,000 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Prime Medicine by 205.7% during the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

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.