HC Wainwright Lowers Earnings Estimates for Prime Medicine

Prime Medicine, Inc. (NYSE:PRME - Free Report) - Investment analysts at HC Wainwright reduced their FY2029 earnings per share (EPS) estimates for Prime Medicine in a report released on Tuesday, May 20th. HC Wainwright analyst A. He now anticipates that the company will earn ($0.85) per share for the year, down from their previous forecast of ($0.80). HC Wainwright currently has a "Neutral" rating on the stock. The consensus estimate for Prime Medicine's current full-year earnings is ($1.68) per share.

Prime Medicine (NYSE:PRME - Get Free Report) last released its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter last year, the business earned ($2.18) earnings per share.

Other equities research analysts also recently issued research reports about the company. Chardan Capital cut their price objective on Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a report on Monday. StockNews.com raised shares of Prime Medicine to a "sell" rating in a research report on Tuesday, February 11th. Wedbush reissued an "outperform" rating and issued a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. JPMorgan Chase & Co. restated a "neutral" rating on shares of Prime Medicine in a research note on Tuesday. Finally, 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. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.80.

Prime Medicine Stock Down 0.9%

PRME stock opened at $1.17 on Thursday. The company has a market cap of $152.96 million, a price-to-earnings ratio of -0.57 and a beta of 1.90. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $8.14. The business has a 50 day moving average price of $1.54 and a two-hundred day moving average price of $2.47.

Hedge Funds Weigh In On Prime Medicine

Institutional investors and hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. lifted its stake in shares of Prime Medicine by 4.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock worth $8,245,000 after buying an additional 165,268 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Prime Medicine by 2.5% in the 4th 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 period. Geode Capital Management LLC lifted its position in Prime Medicine by 7.9% during the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock worth $4,287,000 after acquiring an additional 107,627 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in Prime Medicine by 96.5% during the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock worth $2,579,000 after acquiring an additional 433,653 shares during the last quarter. Finally, Greenwich Wealth Management LLC boosted its holdings in shares of Prime Medicine by 5.6% during the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock worth $2,260,000 after acquiring an additional 41,000 shares during the period. 70.37% of the stock is currently 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.

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