Shares of this gene editing company are due to surge more than 45%, Citi says

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Prime Medicine Inc,Stock Markets,Investment Strategy

After a period of underperformance, investors should pick up shares of Prime Medicine as regains the market's favor, according to Citi's Samantha Semenkow.

After a period of steady underperformance, investors should pick up shares of biotech Prime Medicine as regains the market's favor, according to Citi. Analyst Samantha Semenkow upgraded the preclinical-stage company to buy from neutral and kept her price target of $10 per share, which implies 47.9% potential upside from the stock's latest close. Prime's shares are down 23.

" As part of her bullish thesis on the stock, the analyst pointed out that Prime in April had announced that the Food and Drug Administration cleared its investigational new drug application for PM359 for the treatment of chronic granulomatous disease, a rare genetic disorder. That milestone led Prime to reiterate its guidance for the advancement of multiple pipeline programs over the remainder of this year, she said.

 

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