Brokers Issue Forecasts for Prime Medicine FY2024 Earnings

Prime Medicine, Inc. (NYSE:PRME - Free Report) - Investment analysts at Wedbush issued their FY2024 EPS estimates for shares of Prime Medicine in a research note issued to investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten expects that the company will earn ($1.66) per share for the year. Wedbush has a "Outperform" rating and a $12.00 price target 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 analysts also recently weighed in on the company. Chardan Capital decreased their target price on Prime Medicine from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday. StockNews.com raised shares of Prime Medicine to a "sell" rating in a research note on Thursday. Finally, HC Wainwright restated a "buy" rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Prime Medicine has a consensus rating of "Moderate Buy" and an average target price of $13.25.

Prime Medicine Trading Down 7.0 %

Shares of PRME stock traded down $0.25 during trading hours on Friday, reaching $3.35. 1,399,333 shares of the stock were exchanged, compared to its average volume of 982,799. Prime Medicine has a 12-month low of $3.28 and a 12-month high of $9.86. The firm has a market capitalization of $438.73 million, a price-to-earnings ratio of -1.63 and a beta of 2.09. The company's 50-day moving average price is $3.88 and its 200-day moving average price is $5.02.

Institutional Inflows and Outflows

Several institutional investors and hedge funds 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 valued at $29,000. National Bank of Canada FI acquired a new position in shares of Prime Medicine in the second quarter valued at about $34,000. Nisa Investment Advisors LLC raised its stake in shares of Prime Medicine by 22,652.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company's stock worth $40,000 after purchasing an additional 7,702 shares during the last quarter. Paloma Partners Management Co acquired a new stake in shares of Prime Medicine during the third quarter worth about $45,000. Finally, Intech Investment Management LLC purchased a new stake in Prime Medicine in the third quarter valued at approximately $55,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.