Wedbush Forecasts Prime Medicine FY2024 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Analysts at Wedbush issued their FY2024 EPS estimates for Prime Medicine in a research report issued to clients and investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten anticipates that the company will post earnings per share of ($1.66) for the year. Wedbush has a “Outperform” rating and a $12.00 price objective 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 equities analysts also recently commented on PRME. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Thursday. Chardan Capital lowered their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine 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 given a buy rating to the company. 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 PRME opened at $3.35 on Friday. The stock has a market capitalization of $438.73 million, a P/E ratio of -1.63 and a beta of 2.09. Prime Medicine has a twelve month low of $3.28 and a twelve month high of $9.86. The firm has a fifty day simple moving average of $3.88 and a two-hundred day simple moving average of $5.01.

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

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. ProShare Advisors LLC boosted its position 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 worth $107,000 after purchasing an additional 2,520 shares in the last quarter. Squarepoint Ops LLC raised its stake in Prime Medicine by 6.5% during the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock valued at $326,000 after buying an additional 3,895 shares during the last quarter. ORG Partners LLC bought a new stake in Prime Medicine in the second quarter worth $29,000. National Bank of Canada FI purchased a new stake in shares of Prime Medicine in the second quarter worth $34,000. Finally, Levin Capital Strategies L.P. grew its stake in shares of Prime Medicine by 32.5% in the first quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after acquiring an additional 6,500 shares during 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.