Analyst Kostas Biliouris of BMO Capital maintained a Buy rating on Prime Medicine, Inc. (PRME – Research Report), with a price target of $19.00.
Kostas Biliouris has given his Buy rating due to a combination of factors. During the third quarter of 2023, Prime Medicine, Inc. continued to reduce the risk associated with its platform, delivering promising preclinical and NHP data in GSD1b. The investment community recognizes the significant potential of prime editing and is assessing the optimal application for prime editing, the timeline for product commercialization, and the potential for partnerships. Given the recent interest in gene editing from the biopharmaceutical sector, Biliouris anticipates that Prime Medicine will secure favorable deals.
Furthermore, Prime Medicine demonstrated promising early data in Cystic Fibrosis (CF), implementing a high throughput screening to optimize its LNPs and prime editors. It is estimated that eight prime editors could cater to more than 98% of the total CF population. In addition, Prime Medicine’s financials look healthy, with the management ending 3Q23 with approximately $180 million in cash and equivalents, which provides a runway until the end of 2024. Biliouris’ thesis is based on the distinctiveness and potential broader applicability of Prime Medicine’s prime editing compared to other gene editing approaches. He believes that near-term partnerships and key catalysts in the gene editing space can drive upside, while mid-term reduction in the risk of Prime Medicine’s platform will fuel growth.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $26.00 price target.
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Prime Medicine, Inc. (PRME) Company Description:
Prime Medicine Inc is a biotechnology company committed to delivering genetic therapies to address diseases by deploying gene editing technology, Prime Editing. The Prime Editing technology is a next-generation technology that can search and replace to restore normal genetic function in the genome and can treat a wide spectrum of diseases with high unmet medical needs.
Read More on PRME:
- Prime Medicine files $500M mixed securities shelf
- Prime Medicine Reports Third Quarter 2023 Financial Results and Provides Business Updates
- Prime Medicine reports Q3 EPS (55c), consensus (46c)
- Prime Medicine presents prime editing data in primates for GSD1b
- Prime Medicine Presents First-ever Prime Editing Data in Non-human Primates Demonstrating Highly Efficient Ability of Prime Editors to Precisely Correct Disease-causing Mutation of GSD1b
