Microvast Holdings announces departure of chief financial officer
JMP Securities reiterated its Market Outperform rating and $6.00 price target on Prime Medicine (NASDAQ:PRME) Wednesday following the announcement of the Eli Lilly (NYSE:LLY) and Verve Therapeutics merger and acquisition deal. Currently trading at $1.61, the stock sits well below its 52-week high of $6.75, while analyst targets range from $1.50 to $18.00, according to InvestingPro data.
The firm identified Prime Medicine as the "foundational leader in Prime Editing" with capabilities that expand gene editing beyond targets currently pursued by first-generation companies while providing lower risk for unwanted genomic alterations.
JMP noted that Prime Editing is extending the capabilities of base-editing, which is Verve Therapeutics’ focus area, and highlighted that Prime Medicine is concentrating on high-value, in-vivo opportunities including Wilson’s disease and AATD.
The research firm expects Prime Medicine to reach first-in-human data in 2027, matching Verve’s current development stage, but pointed out a financial challenge ahead for the company.
According to JMP’s estimates, Prime Medicine requires an additional $100-$150 million to reach proof-of-concept data for its Wilson’s Disease program, suggesting that while some dilution is likely, the company has "several non-dilutive avenues at its disposal" that could be "facilitated by today’s news."
In other recent news, Prime Medicine has faced several significant developments. Citi analysts downgraded Prime Medicine’s stock from Buy to Neutral and reduced the price target to $1.50, citing concerns about the company’s financial runway and the absence of business development deals. Meanwhile, JMP Securities cut the stock target to $6 but maintained a Market Outperform rating, emphasizing the company’s strategic shift away from Chronic Granulomatous Disease (CGD) to focus on in-vivo applications. JPMorgan also downgraded the stock to Neutral following similar strategic shifts, including a new CEO appointment and a 25% workforce reduction. Chardan Capital Markets adjusted its price target to $12 while maintaining a Buy rating, noting the promising results of Prime Medicine’s gene editing therapies despite the shift away from CGD. Additionally, Jefferies decreased its price target to $9 but upheld a Buy rating, highlighting the company’s focus on advancing in-vivo programs for Wilson’s disease and Alpha-1 Antitrypsin Deficiency (AATD). Clinical data for these programs are expected in 2027, with Investigational New Drug applications anticipated in 2026. These strategic changes reflect Prime Medicine’s efforts to optimize resources and concentrate on therapies with potentially higher commercial success.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.