Citi raises Prime Medicine shares goal on FDA Milestone

May 16, 2024 | blog

On Thursday, Citi upgraded Prime Medicine (NASDAQ:PRME) from Neutral to Buy, sustaining a shares goal of $10.00. The improve follows the current announcement by Prime that the FDA has cleared an Investigational New Drug (IND) utility for PM359, an ex vivo cell remedy for Chronic Granulomatous Disease (CGD), marking a big step as it’s the first medical program to make the most of prime enhancing know-how.

The firm has additionally confirmed its dedication to advancing a number of pipeline applications all through the rest of the yr. While in vivo applications are nonetheless just a few years away from medical trials, Citi finds it promising that many are progressing to guide optimization or IND-enabling research throughout the subsequent 12 to 24 months.

According to Citi, Prime Medicine is in a secure monetary place, with ample money to fund operations into the second half of 2025. Management is actively working to handle the corporate’s burn charge effectively.

Business improvement stays a key focus, and ongoing discussions about potential partnerships, collaborations, or in-licensing offers might present non-dilutive financing and entry to superior supply applied sciences, which might be helpful for PRME shares.

Citi’s analyst has labeled the inventory as Buy/High Risk, indicating that whereas there are excessive expectations for the corporate’s future, there are additionally important dangers concerned. The value goal of $10 per share stays unchanged, reflecting Citi’s evaluation of the corporate’s potential amidst its current developments.

This article was generated with the help of AI and reviewed by an editor. For extra info see our T&C.

third occasion Ad. Not a proposal or suggestion by See disclosure right here or
take away adverts

MoneyMaker FX EA Trading Robot

powered by