Wedbush Weighs in on Prime Medicine FY2024 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Wedbush issued their FY2024 earnings per share estimates for Prime Medicine in a report released on Tuesday, November 12th. Wedbush analyst D. Nierengarten forecasts that the company will post earnings of ($1.66) per share for the year. 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 ($1.75) per share. Wedbush also issued estimates for Prime Medicine’s Q4 2024 earnings at ($0.33) EPS, Q1 2025 earnings at ($0.34) EPS, Q2 2025 earnings at ($0.34) EPS, Q3 2025 earnings at ($0.33) EPS, Q4 2025 earnings at ($0.33) EPS, FY2025 earnings at ($1.33) EPS, FY2026 earnings at ($0.02) EPS, FY2027 earnings at ($1.41) EPS and FY2028 earnings at ($1.47) EPS.

A number of other brokerages have also recently issued reports on PRME. Chardan Capital dropped their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Thursday. Finally, HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Stock Performance

Shares of PRME opened at $3.60 on Friday. Prime Medicine has a 12-month low of $3.28 and a 12-month high of $9.86. The stock’s 50-day moving average price is $3.88 and its 200 day moving average price is $5.03.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC increased its position in Prime Medicine by 19.8% during the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after buying an additional 2,520 shares during the period. Squarepoint Ops LLC increased its holdings in Prime Medicine by 6.5% in the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after purchasing an additional 3,895 shares in the last quarter. ORG Partners LLC bought a new position in Prime Medicine in the 2nd quarter valued at approximately $29,000. National Bank of Canada FI bought a new position in shares of Prime Medicine during the second quarter valued at $34,000. Finally, Levin Capital Strategies L.P. lifted its holdings in Prime Medicine by 32.5% during the 1st quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after buying an additional 6,500 shares during the period. 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.