HC Wainwright Reduces Earnings Estimates for Prime Medicine

Prime Medicine, Inc. (NYSE:PRME) – Investment analysts at HC Wainwright decreased their FY2024 earnings per share (EPS) estimates for Prime Medicine in a research note issued to investors on Wednesday, November 13th. HC Wainwright analyst A. He now forecasts that the company will post earnings of ($1.69) per share for the year, down from their previous forecast of ($1.68). HC Wainwright currently has a “Buy” rating and a $10.00 price objective on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.75) per share. HC Wainwright also issued estimates for Prime Medicine’s Q4 2024 earnings at ($0.36) EPS, Q1 2025 earnings at ($0.36) EPS, Q2 2025 earnings at ($0.37) EPS, Q3 2025 earnings at ($0.30) EPS, Q4 2025 earnings at ($0.31) EPS, FY2025 earnings at ($1.33) EPS, FY2026 earnings at ($1.39) EPS, FY2027 earnings at ($1.39) EPS and FY2028 earnings at ($1.16) EPS.

A number of other equities research analysts have also weighed in on the stock. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Thursday. Wedbush reaffirmed an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, Chardan Capital lowered their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Trading Down 7.0 %

NYSE:PRME opened at $3.35 on Friday. The company has a market cap of $438.73 million, a price-to-earnings ratio of -1.63 and a beta of 2.09. Prime Medicine has a twelve month low of $3.28 and a twelve month high of $9.86. The stock has a fifty day simple moving average of $3.88 and a 200-day simple moving average of $5.01.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Westwood Holdings Group Inc. purchased a new stake in Prime Medicine during the first quarter worth $1,115,000. Vanguard Group Inc. raised its position in shares of Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after acquiring an additional 1,746,534 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of 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 worth $17,660,000 after acquiring an additional 301,431 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Prime Medicine during the first quarter valued at about $148,000. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Company Profile

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.