Chardan Capital Raises Earnings Estimates for Prime Medicine

Prime Medicine, Inc. (NYSE:PRME) – Chardan Capital lifted their FY2025 earnings per share (EPS) estimates for shares of Prime Medicine in a note issued to investors on Monday, August 11th. Chardan Capital analyst G. Livshits now anticipates that the company will post earnings of ($1.14) per share for the year, up from their previous forecast of ($1.25). Chardan Capital currently has a “Buy” rating and a $10.00 target price on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.68) per share.

Several other research analysts also recently commented on PRME. JMP Securities reduced their target price on Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 20th. Wedbush restated an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research report on Wednesday, July 16th. Citigroup restated a “neutral” rating and issued a $1.50 price objective (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Finally, HC Wainwright cut shares of Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Prime Medicine currently has a consensus rating of “Moderate Buy” and an average price target of $8.92.

Prime Medicine Price Performance

Shares of PRME opened at $3.64 on Thursday. The company has a market capitalization of $489.85 million, a P/E ratio of -1.78 and a beta of 2.39. Prime Medicine has a one year low of $1.11 and a one year high of $5.17. The business’s 50 day simple moving average is $3.28 and its 200-day simple moving average is $2.36.

Insider Buying and Selling at Prime Medicine

In other news, major shareholder David R. Liu purchased 21,000 shares of the firm’s stock in a transaction dated Monday, June 23rd. The stock was bought at an average price of $2.16 per share, with a total value of $45,360.00. Following the acquisition, the insider directly owned 20,219,945 shares of the company’s stock, valued at approximately $43,675,081.20. This represents a 0.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $3.30 per share, with a total value of $9,999,990.00. Following the transaction, the insider owned 6,230,300 shares in the company, valued at $20,559,990. This represents a 94.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,093,300 shares of company stock valued at $10,110,240 in the last quarter. Corporate insiders own 22.74% of the company’s stock.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its holdings in Prime Medicine by 24.6% during the 4th quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock worth $65,000 after purchasing an additional 4,375 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Prime Medicine by 52.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock worth $57,000 after purchasing an additional 7,954 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after acquiring an additional 9,944 shares in the last quarter. Creative Planning bought a new position in shares of Prime Medicine in the 2nd quarter valued at about $25,000. Finally, Freedom Investment Management Inc. bought a new position in shares of Prime Medicine in the 2nd quarter valued at about $26,000. Institutional investors own 70.37% of the company’s stock.

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.