Wedbush Estimates Prime Medicine FY2029 Earnings

Prime Medicine, Inc. (NYSE:PRME) – Wedbush issued their FY2029 earnings estimates for shares of Prime Medicine in a research note issued on Tuesday, March 18th. Wedbush analyst D. Nierengarten anticipates that the company will earn ($1.27) per share for the year. Wedbush currently has a “Outperform” rating and a $13.00 target price on the stock. The consensus estimate for Prime Medicine’s current full-year earnings is ($1.68) per share.

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

PRME has been the subject of a number of other research reports. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a report on Wednesday. JMP Securities assumed coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target for the company. Finally, Guggenheim restated a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

Prime Medicine Stock Performance

Shares of NYSE:PRME opened at $1.95 on Friday. Prime Medicine has a 1 year low of $1.65 and a 1 year high of $8.27. The stock has a market capitalization of $255.76 million, a P/E ratio of -0.95 and a beta of 1.85. The stock has a 50-day simple moving average of $2.56 and a 200-day simple moving average of $3.19.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors have recently made changes to their positions in PRME. Vestal Point Capital LP raised its position in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after purchasing an additional 620,000 shares in the last quarter. Westwood Holdings Group Inc. raised its position in shares of Prime Medicine by 96.5% in 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 raised its position in shares of Prime Medicine by 272.5% in 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. T. Rowe Price Investment Management Inc. raised its position in shares of Prime Medicine by 4.5% in 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 position in shares of Prime Medicine in 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.