JonesTrading Maintains a Buy on Prime Medicine (PRME)

Prime Medicine Inc. (NASDAQ:PRME) is one of the best biotech penny stocks to buy right now. On July 7, JonesTrading analyst Soumit Roy maintained a Buy rating on Prime Medicine Inc. (NASDAQ:PRME) with a $5.00 price target.

A scientist examining a microchip and circuit board in a hi-tech lab.

The analyst based the optimistic rating on Prime Medicine Inc.’s (NASDAQ:PRME) stock performance, stating that the considerable increase in its stock price since mid-June and the recent management changes have garnered investor attention.

Roy added that a significant factor supporting this momentum is the acquisition of Verve by Lilly, as it highlights the interest of the market in gene editing technologies, especially for larger market diseases.

Prime Medicine Inc.’s (NASDAQ:PRME) innovative prime editing technology lends it a promising position as a candidate for acquisition, according to the analyst, especially since it avoids issues experienced with base editing. The company’s attractive valuation further supports the analyst’s claim.

Headquartered in Cambridge, MA, Prime Medicine Inc. (NASDAQ:PRME) is a biotechnology company that develops one-time curative genetic therapies.

While we acknowledge the potential of PRME to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PRME and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.