Q4 2024 EPS Estimates for Prime Medicine, Inc. Increased by Analyst (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME) – Equities researchers at Wedbush increased their Q4 2024 earnings estimates for Prime Medicine in a research report issued to clients and investors on Monday, September 30th. Wedbush analyst D. Nierengarten now expects that the company will post earnings per share of ($0.28) for the quarter, up from their previous estimate of ($0.39). Wedbush currently has a “Outperform” rating and a $12.00 target price on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.76) per share. Wedbush also issued estimates for Prime Medicine’s Q1 2025 earnings at ($0.28) EPS, Q2 2025 earnings at ($0.28) EPS, Q3 2025 earnings at ($0.27) EPS, Q4 2025 earnings at ($0.27) EPS, FY2025 earnings at ($1.11) EPS, FY2026 earnings at $0.21 EPS, FY2027 earnings at ($1.17) EPS and FY2028 earnings at ($1.23) EPS.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06).

Several other equities research analysts have also weighed in on PRME. HC Wainwright reiterated a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $14.11.

Prime Medicine Stock Down 0.6 %

PRME opened at $3.43 on Wednesday. The firm has a market cap of $411.70 million, a price-to-earnings ratio of -1.58 and a beta of 2.18. Prime Medicine has a fifty-two week low of $3.28 and a fifty-two week high of $9.86. The company’s 50-day moving average price is $4.23 and its 200 day moving average price is $5.44.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently made changes to their positions in the company. ARK Investment Management LLC increased its stake in shares of Prime Medicine by 2.2% in the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after purchasing an additional 133,419 shares during the period. Vanguard Group Inc. increased its stake in shares of 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. Price T Rowe Associates Inc. MD increased its stake in shares of Prime Medicine by 13.6% in the first 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. Redmile Group LLC increased its stake in shares of Prime Medicine by 56.6% in the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after purchasing an additional 750,000 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Prime Medicine by 205.7% during the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after acquiring an additional 895,610 shares during the period. Institutional investors and hedge funds 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.