JonesTrading analyst Soumit Roy maintained a Buy rating on Prime Medicine, Inc. today and set a price target of $5.00.
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Soumit Roy’s rating is based on Prime Medicine’s promising advancements in the gene editing field, particularly with their preclinical programs targeting Wilson’s Disease and Alpha-1 Antitrypsin Deficiency (AATD). Despite the challenges faced by the gene editing sector, such as recent setbacks involving other companies, Prime Medicine’s ability to progress these programs into clinical stages is seen as a potential catalyst for renewed investor confidence in gene editing technologies.
Additionally, Prime Medicine’s recent preclinical data on their PM577 program for Wilson’s Disease has shown significant promise. The data demonstrated over 90% editing efficiency in mouse models and durable effects with corrected hepatocytes lasting up to a year in non-human primates. This progress, along with upcoming key opinion leader events, positions Prime Medicine as a strong contender in developing curative genetic medicines, justifying the Buy rating.
In another report released on November 9, Chardan Capital also maintained a Buy rating on the stock with a $9.00 price target.