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Tuesday, Verve Therapeutics (NASDAQ:VERV), currently trading at $5.78 and commanding a market capitalization of $513 million, received a reiterated Buy rating and a $32.00 price target from Canaccord Genuity, following the FDA’s clearance for the company’s Investigational New Drug (IND) application for VERVE-102. The drug is set to proceed with U.S. sites for its Phase 1b clinical trial, named heart-2. According to InvestingPro data, analysts maintain a bullish stance on VERV, with multiple analysts revising earnings estimates upward for the upcoming period.
The FDA’s clearance comes after Verve Therapeutics reported no treatment-related serious adverse events and no clinically significant laboratory abnormalities in interim data up to February 13, 2025. The interim data included results from all three dose cohorts from international sites in the UK, Canada, Australia, New Zealand, and Israel. InvestingPro analysis shows the company maintains a strong financial position with a current ratio of 12.65, indicating robust liquidity to support its clinical programs.
Canaccord’s analysts expressed continued optimism for the company’s upcoming update in the second quarter of 2025. They anticipate positive results and are looking forward to additional details from the trial involving 10-12 patients that could confirm the drug’s efficacy.
The clearance of VERVE-102’s IND is also seen as a positive indication for VERVE-201, another drug in Verve Therapeutics’ pipeline. VERVE-201 uses the same GalNAc-LNP design as VERVE-102 but targets a different base editor for its mechanism of action. The favorable safety profile of VERVE-102 thus far is expected to bode well for the development of VERVE-201.
In summary, Canaccord Genuity’s reiteration of a Buy rating and a $32.00 price target on Verve Therapeutics stock reflects confidence in the company’s clinical progress and potential for positive trial outcomes in the near future. The stock currently trades near its 52-week low of $4.30, while maintaining a healthy balance sheet with more cash than debt, as highlighted by InvestingPro’s financial health analysis.
In other recent news, Verve Therapeutics has received clearance from the U.S. Food and Drug Administration (FDA) for an Investigational New Drug (IND) application for VERVE-102. This novel gene-editing drug is designed to provide a single-course treatment targeting the PCSK9 gene to reduce low-density lipoprotein cholesterol (LDL-C) levels. The FDA’s clearance is a significant milestone for Verve as it advances its gene-editing therapies for cardiovascular diseases. The company plans to announce initial safety and efficacy data from its Heart-2 Phase 1b clinical trial in the second quarter of 2025. Additionally, Verve expects to report final data for the dose escalation portion of the trial and initiate a Phase 2 clinical trial later in 2025.
Meanwhile, H.C. Wainwright has raised its price target for Verve Therapeutics to $15 from the previous $14, maintaining a Buy rating on the stock. The firm’s confidence is bolstered by the anticipated pivotal data readout in the second quarter of 2025 and the promising performance of Verve’s earlier-generation product, VERVE-101. Previous data presented at major conferences demonstrated VERVE-101’s sustained efficacy in lowering LDL-C levels. Analysts are optimistic that the efficacy observed in VERVE-101 will extend to VERVE-102, supporting the company’s future prospects.
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