Wedbush Forecasts Prime Medicine FY2029 Earnings

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

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

PRME has been the topic of a number of other research reports. JMP Securities assumed coverage on Prime Medicine in a research report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price target on the stock. Guggenheim reissued a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a research report on Tuesday, December 3rd. StockNews.com raised Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday. Finally, Chardan Capital raised their target price on Prime Medicine from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

Prime Medicine Price Performance

Shares of NYSE:PRME opened at $1.95 on Friday. The company has a market capitalization of $255.76 million, a P/E ratio of -0.95 and a beta of 1.85. Prime Medicine has a 1 year low of $1.65 and a 1 year high of $8.27. The business’s 50 day simple moving average is $2.56 and its 200 day simple moving average is $3.19.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vestal Point Capital LP lifted its stake in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after acquiring an additional 620,000 shares during the last quarter. Barclays PLC lifted its stake in shares of 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 acquiring an additional 65,593 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Prime Medicine by 4.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock valued at $5,264,000 after acquiring an additional 63,456 shares during the last quarter. State Street Corp lifted its stake in shares of Prime Medicine by 3.9% in the 3rd 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 during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Prime Medicine in the 3rd quarter valued at $55,000. 70.37% of the stock is currently owned by institutional investors.

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.