FY2024 EPS Estimate for Prime Medicine Decreased by Analyst

Prime Medicine, Inc. (NYSE:PRME - Free Report) - Investment analysts at HC Wainwright lowered their FY2024 EPS estimates for Prime Medicine in a note issued to investors on Wednesday, November 13th. HC Wainwright analyst A. He now expects that the company will earn ($1.69) per share for the year, down from their prior forecast of ($1.68). HC Wainwright currently has a "Buy" rating and a $10.00 target price 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 firms have also issued reports on PRME. Wedbush restated an "outperform" rating and issued a $12.00 price target on shares of Prime Medicine in a research report on Thursday, August 8th. StockNews.com upgraded Prime Medicine to a "sell" rating in a report on Thursday. Finally, Chardan Capital reduced their price target on Prime Medicine from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $13.25.

Prime Medicine Price Performance

NYSE PRME traded down $0.25 during trading hours on Friday, hitting $3.35. 1,399,333 shares of the company's stock traded hands, compared to its average volume of 982,799. The firm's 50-day moving average is $3.88 and its 200-day moving average is $5.02. Prime Medicine has a 52-week low of $3.28 and a 52-week high of $9.86. The company has a market capitalization of $438.73 million, a PE ratio of -1.63 and a beta of 2.09.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRME. Susquehanna Fundamental Investments LLC purchased a new stake in Prime Medicine during the 1st quarter worth approximately $148,000. ProShare Advisors LLC raised its stake in shares of Prime Medicine by 19.8% in the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company's stock valued at $107,000 after acquiring an additional 2,520 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company's stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the period. Westwood Holdings Group Inc. acquired a new position in Prime Medicine during the 1st quarter worth $1,115,000. Finally, Price T Rowe Associates Inc. MD raised its position in Prime Medicine by 13.6% in 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 purchasing an additional 301,431 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.