Chardan Capital Raises Earnings Estimates for Prime Medicine

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

Several other brokerages also recently issued reports on PRME. Citigroup reiterated a “neutral” rating and issued a $1.50 target price (down from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. JMP Securities cut their target price on shares of Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 20th. HC Wainwright downgraded shares of Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. Wedbush restated an “outperform” rating and set a $8.00 price objective on shares of Prime Medicine in a research report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of Prime Medicine in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have given 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $8.92.

Prime Medicine Stock Performance

Shares of NYSE:PRME opened at $3.64 on Thursday. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $5.17. The company has a market capitalization of $489.85 million, a P/E ratio of -1.78 and a beta of 2.39. The company has a 50-day simple moving average of $3.28 and a 200 day simple moving average of $2.36.

Insider Buying and Selling

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

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. raised its position in shares of Prime Medicine by 4.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company’s stock valued at $8,245,000 after buying an additional 165,268 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Prime Medicine by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company’s stock valued at $4,628,000 after acquiring an additional 38,515 shares during the last quarter. Geode Capital Management LLC increased its stake in Prime Medicine by 7.9% in the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock valued at $4,287,000 after acquiring an additional 107,627 shares during the last quarter. Westwood Holdings Group Inc. increased its stake in Prime Medicine by 96.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock valued at $2,579,000 after acquiring an additional 433,653 shares during the last quarter. Finally, Greenwich Wealth Management LLC increased its stake in Prime Medicine by 3.3% in the second quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company’s stock valued at $2,090,000 after acquiring an additional 27,200 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.