Prime Medicine (NASDAQ:PRME) shares rallied 15% Monday after the company announced a collaboration with Bristol Myers Squibb (NYSE:BMY), which includes a $55M equity investment. Under the deal, Prime (PRME) will receive $55M upfront and the $55M investment.

On Monday, Prime Medicine Inc. (NASDAQ:PRME) announced a strategic research collaboration and license agreement with Bristol Myers Squibb & Co (NYSE:BMY) to develop reagents for the next generation of ex vivo T-cell therapies.

Bristol-Myers Squibb's stock is set to rise with FDA approvals, acquisitions, and a strong oncology portfolio, despite potential risks. Read more on BMY here.

Given its better valuation, we believe that Bristol Myers Squibb stock (NYSE: BMY) is currently a better pick than its peer – AbbVie stock .

In the assessment of 12-month price targets, analysts unveil insights for Bristol-Myers Squibb, presenting an average target of $46.0, a high estimate of $53.00, and a low estimate of $41.00. Witnessing a positive shift, the current average has risen by 0.26% from the previous average price target of $45.88.

Prime Medicine, founded by David Liu, is finding that the path of translating scientific breakthroughs to treatments is rarely straightforward.