5 Struggling IPOs To Buy For The Long-Term

T3. Prime Medicine, Inc. (NASDAQ:PRME)

Number of Hedge Fund Shareholders: 13

IPO Price: $17.00

Current Price (as of June 9): $15.01

Gene-editing biotech Prime Medicine, Inc. (NASDAQ:PRME) has been attracting some big names in the hedge fund industry, including Cathie Wood’s ARK Investment, which owned 1.92 million shares on March 31 and has continued buying shares of PRME in the second quarter.

Prime Medicine, Inc. (NASDAQ:PRME) has ambitious goals to say the least, as the company aims to build gene-editing technology that it believes could allow it to wipe out up to 90% of the disease-causing mutations currently known. The company has a long road ahead of it, but is already well set-up financially, with enough cash to fund its operations for another two years.

Stifel analyst Dae Gon Ha believes Prime Medicine, Inc. (NASDAQ:PRME) has improved upon prior gene-editing technology, but notes that there are few near-term catalysts to drive the stock higher. He nonetheless has a ‘Buy’ rating and $18 price target on it.