Prime Medicine initiated with an Outperform at BMO Capital

BMO Capital analyst Kostas Biliouris initiated coverage of Prime Medicine with an Outperform rating and $19 price target. Prime is developing therapies that are based on prime editing, a gene editing technology invented in the lab of gene editing pioneer Dr. David Liu, the analyst tells investors in a research note. The firm says the characteristics of prime editing appear to be “highly differentiated” compared to other gene editing approaches, and can potentially offer superior/broader applicability. BMO believes Prime’s near-term partnerships and key catalysts in the gene editing space can drive upside.