JonesTrading analyst Soumit Roy has maintained their bullish stance on PRME stock, giving a Buy rating on May 9.
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Soumit Roy has given his Buy rating due to a combination of factors that highlight the potential of Prime Medicine, Inc. Despite the anticipated near-term volatility due to corporate and pipeline changes, the company has demonstrated promising results with its prime editing technology, particularly with the PM359 treatment, which exceeded expectations. The transition of Allan Reine to CEO is expected to steer the company towards larger market opportunities, which could enhance its long-term prospects.
Moreover, the discontinuation of the CGD program, while removing certain data milestones, allows Prime Medicine to focus resources on more lucrative markets. The company’s strategic shift, coupled with the interest from large pharmaceutical companies in DNA and RNA editing, suggests potential for future licensing and partnerships. Although clinical data is not expected until 2027, the company’s cash management and cost reduction strategies provide a stable financial runway into 2026, supporting the Buy recommendation.
In another report released on May 9, H.C. Wainwright also reiterated a Buy rating on the stock with a $10.00 price target.