Wedbush Forecasts Prime Medicine FY2024 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Equities research analysts at Wedbush issued their FY2024 earnings per share estimates for Prime Medicine in a research report issued to clients and investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten expects that the company will post earnings of ($1.66) per share for the year. Wedbush currently 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.

A number of other equities analysts also recently issued reports on PRME. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Thursday. Finally, Chardan Capital dropped their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Trading Down 7.0 %

Shares of NYSE PRME opened at $3.35 on Friday. Prime Medicine has a 12-month low of $3.28 and a 12-month high of $9.86. The stock’s fifty day simple moving average is $3.88 and its two-hundred day simple moving average is $5.02. The stock 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 hedge funds and other institutional investors have recently made changes to their positions in PRME. Barclays PLC lifted its stake in Prime Medicine by 343.3% in the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock valued at $328,000 after buying an additional 65,593 shares in the last quarter. State Street Corp lifted its position in shares of Prime Medicine by 3.9% in the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock valued at $4,439,000 after acquiring an additional 43,086 shares in the last quarter. Benjamin Edwards Inc. boosted its stake in shares of Prime Medicine by 12,371.0% in the third quarter. Benjamin Edwards Inc. now owns 23,196 shares of the company’s stock worth $90,000 after acquiring an additional 23,010 shares during the last quarter. Paloma Partners Management Co purchased a new stake in shares of Prime Medicine during the third quarter worth approximately $45,000. Finally, Verition Fund Management LLC acquired a new position in Prime Medicine in the 3rd quarter valued at $149,000. 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.