Citi Starts Prime Medicine (PRME) at Neutral

Citi analyst Samantha Semenkow initiates coverage on Prime Medicine (NASDAQ: PRME) with a Neutral rating and a price target of $10.00.

The analyst comments "Prime Medicine is an early-staged biotech focused on developing therapeutics using prime editing, an innovative and sophisticated gene editing technology capable of performing a wide range of genetic edits that far surpasses the applications of Crispr-Cas9 or base editing. Specifically, prime editing can (1) correct any point mutation, (2) correct multiple mutations within a sequence of DNA (i.e., hotspots), expanding the potential of a single editor in genetic diseases known to be caused by multiple mutations, and (3) excise large pieces of DNA, including expansion repeats. While we believe prime editing could be transformative in treating a broad range of difficult diseases, the clinical development path for Prime’s 18 pipeline programs remains unclear. Further, the company currently only has cash runway through 2024 with limited catalysts over the next ~12 months, which keeps us on the sidelines. Initiating Neutral/High Risk, TP $10/shr."

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 $8.56 yesterday.

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