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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.
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.
While we acknowledge the potential of PRME as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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