tiprankstipranks
Trending News
More News >

JonesResearch lists factors for Prime Medicine continued share rally

JonesResearch says Prime Medicine (PRME) continues to rally following the management change on May 19, rallying $160% since mid-June. Verve Therapeutics’ (VERV) acquisition by Eli Lilly for $1.3B, a “large price/valuation discrepancy,” insider share buying and a higher short interest are factors behind the stock’s momentum, the analyst tells investors in a research note. Jones believes initial clinical data will be essential for Prime to be a real takeover target. While gene editing is considered more suitable for severe diseases with acute unmet need, Lilly’s acquisition shows that there is an appetite for gene editing in larger market diseases, the firm contends. Jones sees Prime as a “prime candidate for acquisition,” but says it is unlikely to happen without clinical data from the company’s Wilson disease or alpha-1 antitrypsin deficiency programs, which will be in 2027. It keeps a Buy rating on Prime Medicine with a $5 price target. The stock in midday trading is up 32%, or $1.00, to $4.11.

Don’t Miss TipRanks’ Half-Year Sale

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Disclaimer & DisclosureReport an Issue

1