Why Prime Medicine Stock Is Up Nearly 12% Monday

State-of-the-art healthcare company Primary medicine (NASDAQ:PRME) it was just what the doctor ordered for distressed portfolios on the first trading day of the week. On a company update and news of a collaboration with a leading healthcare company, investors piled into the gene-editing specialist and sent the share price nearly 12% higher today. This compared very favorably with the 0.4% gain in the bellwether S&P 500 index.

Probably the most significant of the two pieces of news was the partnership agreement.

Prime Medicine announced that it has signed a license and strategic research collaboration agreement with a global pharmaceutical company Bristol Myers Squibb. The partnership will focus on developing reagents (substances added to compounds to produce a chemical reaction) for use in T-cell therapies. Prime Medicine will use its Prime Editor gene editing platform to develop these reagents for its partner.

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