Chardan Capital Raises Earnings Estimates for Prime Medicine

Prime Medicine, Inc. (NYSE:PRME - Free Report) - Equities research analysts at Chardan Capital lifted their FY2024 earnings per share (EPS) estimates for Prime Medicine in a research note issued on Wednesday, November 13th. Chardan Capital analyst G. Livshits now anticipates that the company will post earnings of ($1.73) per share for the year, up from their prior estimate of ($1.86). Chardan Capital currently has a "Buy" rating and a $15.00 target price 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.

Other equities research analysts have also issued research reports about the company. HC Wainwright reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th. StockNews.com raised Prime Medicine to a "sell" rating in a research note on Thursday. Finally, Wedbush reaffirmed an "outperform" rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. One investment 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's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.25.

Prime Medicine Stock Down 3.6 %

PRME stock traded down $0.12 during trading on Monday, hitting $3.23. The company had a trading volume of 1,449,989 shares, compared to its average volume of 984,903. Prime Medicine has a 1-year low of $3.20 and a 1-year high of $9.86. The firm has a 50-day moving average price of $3.88 and a 200-day moving average price of $5.01. The firm has a market cap of $423.65 million, a PE ratio of -1.63 and a beta of 2.09.

Prime Medicine (NYSE:PRME - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate 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.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC increased its holdings in shares of Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company's stock worth $107,000 after buying an additional 2,520 shares in the last quarter. Vanguard Group Inc. grew its stake in Prime Medicine by 43.1% in 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. Westwood Holdings Group Inc. acquired a new position in Prime Medicine in the 1st quarter valued at about $1,115,000. Price T Rowe Associates Inc. MD boosted its holdings 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 during the period. Finally, Redmile Group LLC lifted its holdings in shares of Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company's stock worth $14,520,000 after acquiring an additional 750,000 shares during the period. 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.