Chardan Capital Lifts Earnings Estimates for Prime Medicine

Prime Medicine, Inc. (NYSE:PRME) – Stock analysts at Chardan Capital upped their FY2024 EPS estimates for Prime Medicine in a research report issued to clients and investors on Wednesday, November 13th. Chardan Capital analyst G. Livshits now anticipates that the company will earn ($1.73) per share for the year, up from their previous forecast of ($1.86). Chardan Capital has a “Buy” rating and a $15.00 price target on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.71) per share. Chardan Capital also issued estimates for Prime Medicine’s FY2025 earnings at ($1.13) EPS.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share 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 analysts’ expectations of $55.00 million.

Other research analysts have also recently issued reports about the stock. StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Thursday, November 14th. Wedbush reaffirmed an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a report on Thursday, August 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Prime Medicine Stock Down 0.3 %

Shares of PRME opened at $3.17 on Monday. The company has a market capitalization of $415.78 million, a PE ratio of -1.55 and a beta of 2.09. Prime Medicine has a 52-week low of $3.06 and a 52-week high of $9.86. The company has a 50-day simple moving average of $3.87 and a 200-day simple moving average of $4.99.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRME. ORG Partners LLC purchased a new stake in shares of Prime Medicine during the second quarter worth about $29,000. National Bank of Canada FI acquired a new position in Prime Medicine in the 2nd quarter valued at $34,000. Nisa Investment Advisors LLC raised its holdings in Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares during the last quarter. Paloma Partners Management Co purchased a new position in shares of Prime Medicine during the 3rd quarter worth $45,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Prime Medicine during the third quarter worth $55,000. Institutional investors and hedge funds 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.