Prime Medicine FY2024 EPS Estimate Raised by Chardan Capital

Prime Medicine, Inc. (NYSE:PRME) – Analysts at Chardan Capital increased their FY2024 EPS estimates for Prime Medicine in a research note issued to investors on Wednesday, November 13th. Chardan Capital analyst G. Livshits now anticipates that the company will post earnings of ($1.73) per share for the year, up from their prior forecast of ($1.86). Chardan Capital currently has a “Buy” rating and a $15.00 target price on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.71) per share. Chardan Capital also issued estimates for Prime Medicine’s FY2025 earnings at ($1.13) EPS.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million.

PRME has been the topic of a number of other research reports. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th. Finally, StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Price Performance

Shares of NYSE:PRME opened at $3.18 on Monday. Prime Medicine has a 1 year low of $3.14 and a 1 year high of $9.86. The firm has a market capitalization of $417.09 million, a PE ratio of -1.63 and a beta of 2.09. The business’s 50 day moving average price is $3.88 and its 200-day moving average price is $5.01.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Westwood Holdings Group Inc. acquired a new position in Prime Medicine in the first quarter valued at approximately $1,115,000. Vanguard Group Inc. lifted its stake in shares of Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares during the period. Millennium Management LLC increased its position in shares of Prime Medicine by 205.7% during the 2nd 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 during the last quarter. Finally, ORG Partners LLC acquired a new stake in shares of Prime Medicine during the 2nd quarter worth about $29,000. Institutional investors and hedge funds 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.