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Investing.com - H.C. Wainwright has reiterated its Neutral rating on Prime Medicine (NASDAQ:PRME), currently trading at $4.04, following the company’s expanded partnership with the Cystic Fibrosis Foundation. According to InvestingPro data, the stock has shown strong momentum with a 38% gain year-to-date, despite trading below its Fair Value.
Prime Medicine announced on Tuesday that it secured up to $24 million in funding from the CF Foundation to support the development of novel cystic fibrosis therapies using its prime editing technology.
The research firm noted that while this funding is unlikely to resolve Prime Medicine’s near-term financial challenges, it represents a positive development for the company.
H.C. Wainwright views the CF Foundation’s continued support as an encouraging sign of confidence in prime editing’s potential to deliver curative treatments for CF-related lung diseases and demonstrate applications beyond liver indications.
The firm maintained its Neutral rating without a price target, citing a lack of near-term meaningful catalysts along with ongoing financial and legal uncertainties facing the company.
In other recent news, Prime Medicine has secured up to $24 million in additional funding from the Cystic Fibrosis Foundation to advance its Prime Editors for cystic fibrosis-related lung disease. This funding will be disbursed in two parts, with an initial $6 million equity investment, and is contingent on specific conditions and milestones. The company is focusing on the G542X mutation, a common cause of cystic fibrosis, and aims to expand its approach to other mutations. Analyst ratings for Prime Medicine have seen shifts, with Citi downgrading the stock from Buy to Neutral and cutting the target price to $1.50 due to concerns over the company’s financial runway. In contrast, JMP Securities maintained a Market Outperform rating, although it reduced the target price to $6.00, citing the company’s strategic focus on in-vivo applications. JPMorgan also downgraded the stock to Neutral, following Prime Medicine’s decision to deprioritize its CGD program and focus on larger markets like Wilson’s disease and Alpha-1 Antitrypsin Deficiency. These developments come amid Prime Medicine’s plans to file Investigational New Drug applications for these treatments in 2026.
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