Analyst Eun K. Yang initiated the biotechnology stock as a buy with a price target of $25, which implies as upside of 21% over where it closed Friday.
The company went public Oct. 20 through an initial public offering. "Though the field of genetic medicine has made significant advances ... current technologies do not provide the versatility to precisely and efficiently correct the diverse range of mutations or DNA alterations implicated in diseases," Yang said in a note to clients. "PRME believes that key advantages of Prime Editing technology lie in its versatility, precision, effectiveness and breadth.
It also makes edits in the natural gene location, which then corrects DNA in what is called a "once-and-done" treatment, as opposed to other therapies that tried to insert entirely new genes. To be sure, she said the company has a long road ahead. Animal proof data should start coming in 2023 or later, followed by the first human testing likely in 2024 or 2025. The stock could be hurt if animal testing or clinicals yield negative results, or if more competition crops up.
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