Brokers Issue Forecasts for Prime Medicine, Inc.'s Q2 2024 Earnings (NYSE:PRME)

Prime Medicine, Inc. (NYSE:PRME - Free Report) - Research analysts at HC Wainwright issued their Q2 2024 earnings per share estimates for shares of Prime Medicine in a report released on Monday, May 20th. HC Wainwright analyst A. He anticipates that the company will post earnings of ($0.40) per share for the quarter. HC Wainwright currently has a "Buy" rating and a $10.00 target price on the stock. The consensus estimate for Prime Medicine's current full-year earnings is ($1.64) per share. HC Wainwright also issued estimates for Prime Medicine's Q3 2024 earnings at ($0.40) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.62) EPS, Q1 2025 earnings at ($0.40) EPS, Q2 2025 earnings at ($0.40) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.32) EPS, FY2025 earnings at ($1.42) EPS, FY2026 earnings at ($1.42) EPS, FY2027 earnings at ($1.41) EPS and FY2028 earnings at ($1.17) EPS.

Prime Medicine (NYSE:PRME - Get Free Report) last released its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.08).

Several other analysts have also commented on PRME. Jefferies Financial Group reaffirmed a "buy" rating and set a $15.00 price target (down previously from $23.00) on shares of Prime Medicine in a research report on Tuesday, May 7th. Citigroup raised Prime Medicine from a "neutral" rating to a "buy" rating and set a $10.00 target price on the stock in a research report on Thursday, May 16th. StockNews.com raised Prime Medicine to a "sell" rating in a research report on Tuesday, May 14th. Guggenheim cut their target price on Prime Medicine from $24.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, March 5th. Finally, TD Cowen assumed coverage on Prime Medicine in a research report on Monday, April 8th. They issued a "buy" rating on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Prime Medicine presently has an average rating of "Moderate Buy" and an average target price of $15.09.

Prime Medicine Price Performance

Shares of PRME stock traded down $0.58 during trading on Wednesday, hitting $7.45. 1,323,897 shares of the stock traded hands, compared to its average volume of 731,904. The firm has a market capitalization of $894.22 million, a P/E ratio of -3.43 and a beta of 2.07. The firm's fifty day moving average price is $6.06 and its 200-day moving average price is $7.21. Prime Medicine has a 52-week low of $4.11 and a 52-week high of $17.20.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its holdings in Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company's stock worth $107,000 after purchasing an additional 2,520 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Prime Medicine by 22.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,016 shares of the company's stock worth $220,000 after purchasing an additional 4,145 shares in the last quarter. Green Alpha Advisors LLC raised its holdings in Prime Medicine by 14.2% during the first quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company's stock worth $236,000 after purchasing an additional 4,200 shares in the last quarter. Chelsea Counsel Co. raised its holdings in Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company's stock worth $44,000 after purchasing an additional 4,400 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Prime Medicine by 40.0% in the third quarter. Oppenheimer & Co. Inc. now owns 21,537 shares of the company's stock valued at $205,000 after buying an additional 6,152 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.