Citi downgraded Prime Medicine (PRME) to Neutral from Buy with a price target of $1.50, down from $10. The shares are trading near cash, reflecting the market’s uncertainty on the company’s path to potential value inflection, the analyst tells investors in a research note. The firm says Prime’s cash runway supports operations only into the first half of 2026 after implementing cost-cutting measures, which is well short of management’s guidance of initial in-vivo clinical data for Wilson’s and Alpha-1 antitrypsin deficiency in 2027.
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