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On Wednesday, H.C. Wainwright reaffirmed its Buy rating and $10.00 price target for Prime Medicine (NASDAQ:PRME) shares, representing significant upside from the current price of $1.76. According to InvestingPro data, analyst price targets range from $6 to $19, with a strong consensus recommendation. The endorsement follows Prime Medicine’s announcement on March 18 regarding the development of its second liver program. The program leverages the company’s prime editing platform to potentially treat alpha-1 antitrypsin deficiency (AATD), a genetic condition with significant unmet medical needs.
AATD is characterized by mutations in the SERPINA1 gene, which result in low levels of functional alpha-1 antitrypsin (AAT) protein in the blood and accumulation of abnormal AAT in the liver. This can lead to lung damage and symptoms such as shortness of breath and chronic cough, as well as liver complications including jaundice and cirrhosis. Prime Medicine’s drug candidate targets the PiZZ genotype, the most severe form of AATD, which affects an estimated 200,000 individuals across the U.S. and EU.
Currently, there are no approved disease-modifying therapies for AATD. Prime Medicine’s approach aims to address both lung and liver symptoms associated with the disease. The company’s prime editing technology has the potential to correct the underlying genetic mutations responsible for AATD, offering hope for effective treatment.
H.C. Wainwright’s analyst highlighted the pressing need for new therapeutic options for AATD patients, emphasizing the potential of prime editing as a transformative treatment. With no existing approved alternatives, the development of Prime Medicine’s drug candidate could mark a significant advancement in addressing the needs of those affected by AATD.
The firm’s confidence in Prime Medicine’s technology and its prospects for addressing AATD is reflected in the maintained Buy rating and price target, indicating a positive outlook for the company’s stock performance over the next 12 months. With a market capitalization of $224.69 million and a beta of 1.85, PRME shows higher volatility than the broader market. InvestingPro analysis indicates the stock is currently undervalued, though investors should note the company’s Weak financial health score. Get access to detailed financial analysis and 12+ ProTips for PRME through InvestingPro’s comprehensive research reports, available for 1,400+ US stocks.
In other recent news, Prime Medicine has made significant advancements in its genetic editing therapies. The company is progressing with its preclinical program for treating alpha-1 antitrypsin deficiency (AATD) and plans to seek regulatory approval to begin human trials by mid-2026. Prime Medicine’s proprietary lipid nanoparticle delivery system has shown promising results, achieving up to 72% correction of the E342K mutation in preclinical studies. This progress is part of the company’s broader efforts in its liver-targeting franchise, with expectations to release clinical data in 2027.
Additionally, Prime Medicine is developing PM359, a therapy for chronic granulomatous disease (CGD), with its Investigational New Drug application approved in April 2024. The Phase 1/2 clinical trial for PM359 began in the third quarter of 2024, with data anticipated in 2025. Analysts from JMP Securities and Citizens JMP have maintained a Market Outperform rating and a $10.00 price target for Prime Medicine, reflecting confidence in the company’s innovative approaches. Prime Medicine’s focus on rare diseases and its progress in clinical trials indicate its commitment to advancing gene editing therapies.
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