Prime Medicine Inc. (NASDAQ:PRME) is one of the hot penny stocks to invest in now. On July 16, BMO Capital analyst Kostas Biliouris maintained a Buy rating on Prime Medicine Inc. (NASDAQ:PRME) and set a price target of $10.00. The analyst based the rating on the company’s innovative gene editing technology.
A scientist examining a microchip and circuit board in a hi-tech lab.
Prime Medicine Inc. (NASDAQ:PRME) recently secured additional funding totaling $39 million from the Cystic Fibrosis Foundation, which, according to the analyst, highlights the potential of its prime editing platform and preclinical data in cystic fibrosis.
Biliouris reasoned that the company’s notable 90% editing efficiency attained in the second patient treated ex vivo, when coupled with this financial backlog, reduces the risk of Prime Medicine Inc.’s (NASDAQ:PRME) platform and increases its credibility.
Headquartered in Cambridge, MA, Prime Medicine Inc. (NASDAQ:PRME) is a biotechnology company that develops one-time curative genetic therapies.
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Disclosure: None. This article is originally published at Insider Monkey.
