Wedbush Equities Analysts Increase Earnings Estimates for Prime Medicine, Inc. (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME) – Analysts at Wedbush raised their Q4 2024 EPS estimates for Prime Medicine in a note issued to investors on Monday, September 30th. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings of ($0.28) per share 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.

A number of other research firms also recently issued reports on PRME. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Wednesday. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $14.11.

Prime Medicine Price Performance

NYSE PRME opened at $3.41 on Wednesday. The company has a market capitalization of $409.30 million, a PE ratio of -1.57 and a beta of 2.18. The company has a fifty day moving average of $4.19 and a 200 day moving average of $5.43. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Prime Medicine by 43.1% during the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after purchasing an additional 1,746,534 shares in the last quarter. 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 worth $6,841,000 after purchasing an additional 895,610 shares in the last quarter. Farallon Capital Management LLC purchased a new stake in shares of Prime Medicine during the first quarter worth about $5,250,000. Redmile Group LLC increased its stake in shares of Prime Medicine by 56.6% during the first 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 in the last quarter. Finally, Bollard Group LLC purchased a new stake in shares of Prime Medicine during the fourth quarter worth about $3,200,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.