Citi will downgrade Prime Medicine (PRME) to neutral and reduce PT to $1.50 due to market uncertainty

On Tuesday, City will be holding Prime Medicine Inc. (NASDAQ:prme) From buying to neutral valuation, it will significantly reduce its price target from $10 to $1.50. Citi said the adjustment reflects the company’s shares being traded near cash.

Scientists examining microchips and circuit boards at Hi-Tech Lab.

Despite implementing cost-saving measures including prioritizing 25% workforce cuts and prioritizing its liver disease franchise and prioritizing external funding programs over the Chronic Granulomatous Disease/CGD program, Prime Medicine’s cash reserves are projected to support operations only on H1 2026. Deficiency/AATD for 2027. The company plans to submit clinical trial new drug/IND applications for these programs in H1 2026 and mid-2026, respectively.

Prime Medicine is seeking business development transactions to secure undiluted capital and extend financial runways. We continue our Cystic Fibrosis Program with the support of the Cystic Fibrosis Foundation and collaborate with Bristol Myers Squibb on leading compiled Car-T products in Hematology, Immunology and Oncology. Prime Medicine Inc. (NASDAQ: PRME) is a biotechnology company that provides gene therapy to address the spectrum of diseases by deploying gene editing technology in the United States.

While we acknowledge the potential for PRME to grow, our belief lies in the belief that some AI stocks hold a greater commitment to delivering higher returns and limited downside risk. If you’re looking for AI stocks that are more promising than PRME and have a potential of 100 times upside, then Cheapest AI stocks.

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Disclosure: None. This article was originally published Insider Monkey.