Prime Medicine, Inc. (NYSEARCA:PRME – Get Rating) – Investment analysts at Jefferies Financial Group issued their Q3 2022 earnings estimates for Prime Medicine in a report released on Monday, November 14th. Jefferies Financial Group analyst E. Yang forecasts that the company will post earnings of ($1.04) per share for the quarter. Jefferies Financial Group currently has a "Buy" rating and a $25.00 target price on the stock. Jefferies Financial Group also issued estimates for Prime Medicine's Q4 2022 earnings at ($0.25) EPS, FY2022 earnings at ($2.83) EPS, FY2023 earnings at ($1.18) EPS, FY2024 earnings at ($1.44) EPS, FY2025 earnings at ($1.64) EPS and FY2026 earnings at ($1.90) EPS.
Several other analysts also recently weighed in on the company. The Goldman Sachs Group assumed coverage on Prime Medicine in a research note on Monday. They set a "neutral" rating and a $22.00 target price for the company. JPMorgan Chase & Co. initiated coverage on Prime Medicine in a research report on Monday. They issued an "overweight" rating and a $27.00 target price on the stock. Finally, Morgan Stanley assumed coverage on shares of Prime Medicine in a research note on Monday. They issued an "equal weight" rating and a $23.00 price target for the company.
Prime Medicine Stock Performance
Shares of PRME opened at $18.22 on Wednesday. Prime Medicine has a 12 month low of $14.52 and a 12 month high of $21.73. The stock's 50-day moving average is $19.55 and its two-hundred day moving average is $19.99.
Insider Buying and Selling
In related news, Director Thomas Cahill acquired 400,000 shares of the firm's stock in a transaction on Monday, October 24th. The shares were bought at an average cost of $17.00 per share, with a total value of $6,800,000.00. Following the completion of the acquisition, the director now owns 5,305,679 shares of the company's stock, valued at $90,196,543. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, major shareholder 2019 Gp L.L.C. Gv purchased 800,000 shares of Prime Medicine stock in a transaction on Monday, October 24th. The shares were purchased at an average cost of $17.00 per share, for a total transaction of $13,600,000.00. Following the completion of the transaction, the insider now directly owns 11,522,248 shares in the company, valued at $195,878,216. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas Cahill acquired 400,000 shares of the company's stock in a transaction dated Monday, October 24th. The shares were purchased at an average cost of $17.00 per share, with a total value of $6,800,000.00. Following the acquisition, the director now owns 5,305,679 shares of the company's stock, valued at approximately $90,196,543. The disclosure for this purchase can be found here.
About Prime Medicine
Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address diseases by deploying gene editing technology. It 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.