Stifel Starts Prime Medicine (PRME) at Buy

Stifel analyst Dae Gon Ha initiates coverage on Prime Medicine (NASDAQ: PRME) with a Buy rating and a price target of $18.00.

The analyst comments "We are initiating coverage of Prime Medicine (PRME) with a Buy rating and $18 target price. Sharing the same roots as some other promising gene editing technologies (David Liu), PRME improves upon prior approaches (i.e., double-stranded breaks [DSBs] and Cas9) to introduce new functionality to the field. These "word processor" capabilities broaden the scope of possible edits, and thus addressable diseases, in addition to ongoing efforts to enable larger gene insertions (PASSIGE). We can relate to bears' leading pushback on 1) catalyst-light outlook, 2) regulatory risk(s), and 3) valuation, but given the promise of this technology, its modularity, and seemingly thawing FDA stance towards gene editing (LINK), we think PRME represents an important addition to the next-gen genetic medicines portfolio. With first IND as early as 2024 (ex vivo), we do not anticipate investors rushing into the name; however, progress in the interim may help warm up to the idea."

For an analyst ratings summary and ratings history on Prime Medicine click here. For more ratings news on Prime Medicine click here.

Shares of Prime Medicine closed at $13.39 yesterday.

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