Prime Medicine FY2024 EPS Forecast Lifted by Chardan Capital

Prime Medicine, Inc. (NYSE:PRME) – Research analysts at Chardan Capital increased their FY2024 EPS estimates for shares of Prime Medicine in a research report issued to clients and investors on Wednesday, November 13th. Chardan Capital analyst G. Livshits now forecasts that the company will post earnings per share of ($1.73) for the year, up from their prior forecast of ($1.86). Chardan Capital has a “Buy” rating and a $15.00 price target on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.71) per share. Chardan Capital also issued estimates for Prime Medicine’s FY2025 earnings at ($1.13) EPS.

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

PRME has been the subject of several other reports. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. HC Wainwright reissued a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday, November 13th. Finally, Wedbush restated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Stock Performance

Shares of PRME opened at $3.18 on Monday. The stock has a 50-day moving average of $3.88 and a two-hundred day moving average of $5.01. The stock has a market cap of $417.09 million, a P/E ratio of -1.63 and a beta of 2.09. Prime Medicine has a one year low of $3.14 and a one year high of $9.86.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently made changes to their positions in PRME. ARK Investment Management LLC grew its position in Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after buying an additional 133,419 shares during the period. Vanguard Group Inc. increased its stake 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 valued at $40,610,000 after purchasing an additional 1,746,534 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in 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 purchasing an additional 301,431 shares during the period. Redmile Group LLC raised its holdings in Prime Medicine by 56.6% in the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after purchasing an additional 750,000 shares during the period. Finally, Geode Capital Management LLC boosted its position in 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 in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.