Prime Medicine falls after Stifel downgrades to 'hold', cuts PT

Prime Medicine

16/01/2024 15:31

** Shares of gene editing company Prime Medicine  PRME.O 
fall as much as 12.1% to a one-month low of $7.02
    ** Brokerage Stifel downgrades PRME to 'hold' from 'buy',
lowers PT to $9 from $19
    ** Stifel says that co's cash balance at the end of 2023
could lead to dilutive financing
     ** Brokerage believes PRME may not enter a partnership or
get acquired in 2024
    **  PRME’s first clinical data can be expected in 2025, but
the financing overhang may lead to the stock's movement not
being strong in either direction - Stifel 
    ** 5 of 8 brokerages rate the stock "buy" or higher, 3
"hold"; their median PT is $19.5
    ** PRME stock fell 52.31% in 2023

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))