FY2029 EPS Estimates for Prime Medicine Cut by HC Wainwright

Prime Medicine, Inc. (NYSE:PRME) – Equities research analysts at HC Wainwright reduced their FY2029 earnings per share (EPS) estimates for Prime Medicine in a report issued on Tuesday, May 20th. HC Wainwright analyst A. He now forecasts that the company will earn ($0.85) per share for the year, down from their previous forecast of ($0.80). HC Wainwright has a “Neutral” rating on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.68) per share.

Several other research firms have also issued reports on PRME. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Prime Medicine in a research report on Tuesday. Wedbush reissued an “outperform” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. Chardan Capital lowered their target price on Prime Medicine from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday. Wall Street Zen upgraded Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Finally, JMP Securities lowered their target price on Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.80.

Prime Medicine Stock Up 5.6%

Prime Medicine stock opened at $1.23 on Thursday. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $8.14. The firm has a fifty day moving average of $1.53 and a 200-day moving average of $2.46. The firm has a market capitalization of $161.49 million, a P/E ratio of -0.60 and a beta of 1.90.

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

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in PRME. Westwood Holdings Group Inc. grew its holdings in Prime Medicine by 96.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock valued at $2,579,000 after purchasing an additional 433,653 shares in the last quarter. Walleye Capital LLC grew its stake in Prime Medicine by 272.5% during the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock valued at $1,179,000 after purchasing an additional 295,365 shares in the last quarter. AQR Capital Management LLC grew its stake in Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock valued at $485,000 after purchasing an additional 227,749 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Prime Medicine by 4.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock valued at $11,616,000 after purchasing an additional 170,541 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Prime Medicine during the 4th quarter valued at approximately $423,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.