Jones Trading Assumes Prime Medicine (PRME) at Buy

Jones Trading analyst Catherine Novack assumes coverage on Prime Medicine (NASDAQ: PRME) with a Buy rating and a price target of $6.00.

The analyst comments "What's new: We are assuming coverage of PRME with a Buy rating and $6 PT. Our valuation is based on sales of PM577 for Wilson's Disease (20% POS, $1.4B peak unadj. sales) and PME647 for alpha-1 antitrypsin deficiency (AATD, 20% POS, $3.2B peak unadj. sales). PM577a targets ATP7B-H1069Q variant which is most prevalent in patients from the US (~50%), and we see additional upside from recent FDA draft guidance that could allow fast-follow approvals in other mutations based on non-clinical data. PRME plans to expand to other key mutations after seeing clinical validation from H1069Q patients. For AATD, the company remains on track to initiate the Ph1/2 study following recent IND clearance, with initial data also expected in 2027. We note some readthrough from WD to AATD due to the programs leveraging similar LNPs. Assume Buy and Raising PT to $6 from $5."

For an analyst ratings summary and ratings history on Prime Medicine click here. For more ratings news on Prime Medicine click here.

Shares of Prime Medicine closed at $4.97 yesterday.

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