Prime Medicine Upgraded to Buy as Gene Editing Pipeline Advances
Prime Medicine receives a Buy upgrade from H.C. Wainwright after New Zealand clears its first in vivo prime editing trial for Wilson's disease. The FDA also granted RMAT designation to its CGD therapy PM359. Jacob Funds and ARK Investment have recently added to their positions in the gene-editing company.
H.C. Wainwright upgraded Prime Medicine, Inc. (NASDAQ:PRME) to "Buy" from "Neutral" with an $8 price target, following New Zealand's acceptance of a clinical trial application for the company's Wilson's disease therapy. The clearance—the first clinical authorization for an in vivo prime editing therapy from Prime Medicine—was announced by the company on June 18, 2026, and enables a global Phase 1/2 study evaluating PM577a in adults and adolescents with Wilson Disease.
The company's CEO called the milestone a defining moment, noting PM577a's potential to correct the disease at the genomic level with a one-time therapy. The Chief Medical Officer stated that the trial design draws on preclinical work, with proof-of-concept data expected in 2027.
Additionally, on June 22, 2026, the FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to PM359, Prime Medicine's stem cell therapy for p47phox-deficient chronic granulomatous disease (CGD). The designation was based on Phase 1/2 clinical data published in The New England Journal of Medicine, and the CEO said it supports engagement with the FDA toward a future Biologics License Application.
Jacob Funds disclosed in its fourth-quarter 2025 investor letter that it added Prime Medicine to its portfolio, citing increasing confidence in the company's technology and its potential. The fund noted that a data release from Prime Medicine's first clinical trial in late 2025 showed promising efficacy and safety signals in two patients, with the company's precise prime editing approach offering simpler and safer treatment options compared to first-generation gene-editing technologies like CRISPR. As of February 17, 2026, Prime Medicine shares closed at $3.31, with a market capitalization of approximately $597.49 million.
ARK Investment Management also increased its position in Prime Medicine as part of a broader portfolio optimization, adding the stock among other gene therapy holdings.