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On Tuesday, Guggenheim maintained a Buy rating on Verve Therapeutics (NASDAQ:VERV) and raised the price target to $24.00 from the previous $18.00. The stock, currently trading at $4.12, has shown remarkable momentum with a 38.72% gain over the past week. According to InvestingPro data, analyst price targets range from $15 to $39, suggesting significant potential upside from current levels. The adjustment follows the promising results from the Phase 1b Heart-2 trial for VERVE-102, a therapy designed to lower low-density lipoprotein (LDL) cholesterol. The trial demonstrated a significant reduction in LDL levels by 53% in participants at the 0.6 mg/kg dose cohort, alongside a clean safety profile.
The positive outcome of the trial, particularly the absence of liver enzyme, platelet, or cardiovascular events that were observed in the study of VERVE-101, has provided a basis for potential dose escalation. With a market capitalization of $365.84 million and a strong balance sheet showing more cash than debt, Verve appears well-positioned to advance its clinical programs. InvestingPro analysis reveals 8 additional key insights about the company’s financial health and market position. This also supports the notion that Verve Therapeutics’ proprietary GalNAc LNP could become a leading therapy in the field. The analyst highlighted the potential of the company’s other programs, such as VERVE-201, which targets ANGPTL3.
Management’s analysis of pharmacodynamics (PD) under a total RNA dose showed that LDL reductions of over 50% were highly consistent at RNA doses above 50 mg. This consistency aligns with the efficacious fixed dose amounts reported by other companies in the space. Verve Therapeutics has also initiated dosing in the 0.7 mg/kg cohort, exploring RNA doses up to approximately 70 mg, with no safety concerns observed at the early stages.
The analyst expressed confidence in the disruptive potential of VERVE-102 as a PCSK9 lowering therapy, noting the therapy’s robust durability through two years as demonstrated by VERVE-101. The market for PCSK9 lowering therapies is projected to be over $5 billion. With the recent trial results, Guggenheim has increased the probability of success (POS) to 75% from 60% and reiterated the Buy rating.
The company is expected to reach several key milestones before the end of 2025, including the conclusion of dose-escalation data, the commencement of dosing in the Phase 2 segment of the trial, and an opt-in decision from Eli Lilly and Company (NYSE:LLY), which is considered highly relevant to Verve Therapeutics’ ongoing progress. Investors should note that the next earnings report is scheduled for May 7, 2025. For deeper insights into Verve’s financial health, valuation metrics, and comprehensive analysis, access the full Pro Research Report available on InvestingPro.
In other recent news, Verve Therapeutics reported promising results from its Phase Ib Heart-2 trial for its drug candidate, VERVE-102, aimed at treating heterozygous familial hypercholesterolemia (HeFH) and coronary artery disease (CAD). The trial results showed a significant reduction in LDL-C levels, surpassing the 40%-50% target, with an average decrease of 53% among participants. The safety profile was favorable, with no serious adverse events reported. Following these developments, Canaccord Genuity raised its price target for Verve Therapeutics to $39 while maintaining a Buy rating, and Cantor Fitzgerald upgraded the stock from Neutral to Overweight. Additionally, Jefferies reiterated a Buy rating with a $28 price target, citing the potential upside and positive safety data. Goldman Sachs noted the efficacy and safety of VERVE-102, emphasizing its potential as a one-time treatment option. The company’s strong financial position, with $524.3 million in cash, supports ongoing trials, including a planned Phase 2 trial. Verve Therapeutics is also preparing to present an opt-in package to Eli Lilly, with a decision expected in the second half of 2025.
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