Wedbush Forecasts Prime Medicine FY2029 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Stock analysts at Wedbush issued their FY2029 earnings per share estimates for Prime Medicine in a report issued on Tuesday, March 18th. Wedbush analyst D. Nierengarten expects that the company will post earnings of ($1.27) per share for the year. Wedbush has a “Outperform” rating and a $13.00 price objective on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.68) per share.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the previous year, the business earned ($2.18) earnings per share.

Several other research analysts have also recently weighed in on PRME. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. StockNews.com raised Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday. Chardan Capital upped their price objective on Prime Medicine from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Guggenheim reiterated a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $13.38.

Prime Medicine Price Performance

PRME stock opened at $1.95 on Friday. The stock has a market capitalization of $255.76 million, a P/E ratio of -0.95 and a beta of 1.85. The business has a 50-day moving average of $2.56 and a 200-day moving average of $3.19. Prime Medicine has a fifty-two week low of $1.65 and a fifty-two week high of $8.27.

Institutional Trading of Prime Medicine

Institutional investors and hedge funds have recently bought and sold shares of the business. Vestal Point Capital LP raised its stake in Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after buying an additional 620,000 shares during the period. Barclays PLC raised its stake in Prime Medicine by 343.3% in the third quarter. Barclays PLC now owns 84,697 shares of the company’s stock valued at $328,000 after buying an additional 65,593 shares during the period. Geode Capital Management LLC increased its stake in shares of Prime Medicine by 4.9% during the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after purchasing an additional 63,456 shares during the period. State Street Corp increased its stake in shares of Prime Medicine by 3.9% during the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after purchasing an additional 43,086 shares during the period. Finally, Intech Investment Management LLC bought a new position in shares of Prime Medicine during the third quarter worth approximately $55,000. 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.