Prime Medicine (PRME) PT Lowered to $5 at Guggenheim

Guggenheim analyst Debjit Chattopadhyay lowered the price target on Prime Medicine (NASDAQ: PRME) to $5.00 (from $18.00) while maintaining a Buy rating.

The analyst commented: 'Our PT for PRME is $5/share (prior $18/share) and is based on a 13-year DCF analysis, applying a 12.5% discount rate and an estimated fully diluted share count as of 2026. Our op-ex has been adjusted to reflect cash guidance from mgmt, which should be sufficient to fund operations into 2027. Since both Wilson's disease and the AATD program are in the preclinical stage which requires additional capital support, we modeled additional dilution in out years, reflected in our diluted share count. Given the two programs being in the preclinical stage, we assigned a 25% PoS for Wilson's disease, and 25% PoS for AATD. We removed the CGD program since the company de-prioritized the program. The pro forma cash is $260M after accounting for the $128.2M raise and the $6M cash from CFF. The 2Q25 share count is also updated to include the 43.7M shares from the raise and the 1.8M shares purchased by CFF."

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