BMO Capital analyst Kostas Biliouris reiterated a Buy rating on Prime Medicine, Inc. (PRME – Research Report) today and set a price target of $19.00.
Kostas Biliouris’s rating is based on the promising clinical and regulatory prospects of Prime Medicine, Inc.’s lead program, PM359. He is optimistic about the potential for the FDA to approve the Investigational New Drug (IND) application for PM359 in the first half of 2024, given the technology’s novelty and the company’s readiness for clinical trials. The approval probability is pegged at a confident 80%, with an expected positive impact on the company’s stock value. The lack of significant competition in the Chronic Granulomatous Disease (CGD) treatment space further bolsters the case for a Buy rating.
Further underpinning the recommendation is the fact that prime editing technology stands out for its precision and versatility, which may surpass other gene editing methods. The successful engraftment demonstrated in preclinical studies, along with high dihydrorhodamine (DHR) test results indicating effective neutrophil function, offers a compelling early indication of efficacy. Biliouris anticipates that these technological advances, combined with potential near-term partnerships and key industry catalysts, set the stage for sustained growth and de-risking of Prime Medicine’s broader platform, justifying the Buy rating on the company’s stock.
In another report released on March 5, Guggenheim also maintained a Buy rating on the stock with a $20.00 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 price target lowered to $20 from $24 at Guggenheim
- Prime Medicine Reports Full Year 2023 Financial Results and Provides Business Updates
- Prime Medicine reports FY23 EPS ($2.18), consensus ($1.97)
- Prime Medicine to Participate in Upcoming Investor Conferences
- Prime Medicine Announces Closing of Upsized Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares
