Wedbush Predicts Prime Medicine FY2029 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Analysts at Wedbush issued their FY2029 earnings estimates for Prime Medicine in a research report issued to clients and investors on Tuesday, March 18th. Wedbush analyst D. Nierengarten expects that the company will earn ($1.27) per share for the year. Wedbush has a “Outperform” rating and a $13.00 price objective 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 quarter in the prior year, the business earned ($2.18) earnings per share.

Other equities research analysts have also recently issued research reports about the stock. Guggenheim reiterated a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research note on Wednesday. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Finally, JMP Securities began coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price target for the company. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

Prime Medicine Stock Performance

Shares of NYSE:PRME opened at $2.01 on Friday. The company has a market cap of $263.63 million, a P/E ratio of -0.98 and a beta of 1.85. The stock’s 50-day moving average is $2.58 and its 200-day moving average is $3.21. Prime Medicine has a 52-week low of $1.65 and a 52-week high of $8.27.

Hedge Funds Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. bought a new position in shares of Prime Medicine during the fourth quarter worth $33,000. Paloma Partners Management Co bought a new stake in Prime Medicine in the 3rd quarter valued at $45,000. Nisa Investment Advisors LLC lifted its position in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after acquiring an additional 12,507 shares in the last quarter. Intech Investment Management LLC bought a new stake in Prime Medicine in the 3rd quarter valued at $55,000. Finally, XTX Topco Ltd bought a new stake in Prime Medicine in the 4th quarter valued at $42,000. 70.37% of the stock is 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.