Wedbush Forecasts Prime Medicine FY2024 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Equities research analysts at Wedbush issued their FY2024 earnings per share estimates for Prime Medicine in a research note issued 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 price objective 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.

Other equities analysts have also recently issued research reports about the stock. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research report on Thursday. Chardan Capital decreased their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Prime Medicine currently has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Stock Performance

Shares of NYSE:PRME opened at $3.60 on Friday. The company has a fifty day simple moving average of $3.88 and a 200 day simple moving average of $5.03. Prime Medicine has a 12-month low of $3.28 and a 12-month high of $9.86.

Institutional Trading of Prime Medicine

Several large investors have recently added to or reduced their stakes in the company. Paloma Partners Management Co purchased a new stake in Prime Medicine in the 3rd quarter worth about $45,000. Verition Fund Management LLC acquired a new position in Prime Medicine in the third quarter worth approximately $149,000. Vestal Point Capital LP raised its position in Prime Medicine by 137.8% during the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after acquiring an additional 620,000 shares in the last quarter. Walleye Capital LLC acquired a new stake in Prime Medicine in the third quarter valued at approximately $419,000. Finally, PEAK6 Investments LLC grew its position in Prime Medicine by 32.4% in the third quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock worth $174,000 after acquiring an additional 11,013 shares in the last quarter. 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.