Thursday, 18 April 2024

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BMO cuts Verve Therapeutics shares target, cites lead candidate ‘VERVE-101’ By

Evergy PT Lowered to $68 at Credit Suisse

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On Wednesday, BMO Capital Markets adjusted its price target on Verve Therapeutics (NASDAQ:VERV) shares. The firm reduced the price target to $30 from the previous $56, while keeping an Outperform rating.

The decision to lower the price target follows recent developments regarding Verve Therapeutics’ lead candidate, VERVE-101. The management has decided to shift focus to another drug candidate, VERVE-102, after observing a grade 3 adverse event (AE) in patients receiving doses under 0.45 milligrams per kilogram of VERVE-101.

Despite the setback with VERVE-101, BMO Capital notes that gene editing therapy has shown promise, with a significant and durable reduction in low-density lipoprotein cholesterol (LDL-C) observed in patients. The treatment achieved up to 73% reduction in LDL-C levels over a period exceeding 270 days. Additionally, it is highlighted that no cardiovascular or myocardial infarction events were reported in the five new patients treated.

The competitive arena for LDL-C reduction treatments is acknowledged as a challenge for VERVE-101’s path forward. However, BMO Capital anticipates that VERVE-102’s broad therapeutic window could address the safety concerns raised by VERVE-101, although it also recognizes that the recent news adds to the uncertainty surrounding gene editing therapies.

InvestingPro Insights

Following the recent developments at Verve Therapeutics and the adjustment of the stock’s price target by BMO Capital Markets, a look at the real-time data from InvestingPro provides additional context for investors. With a market capitalization of approximately $695.71 million, Verve Therapeutics holds a substantial cash position that exceeds its debt, according to InvestingPro Tips. This could be a reassuring sign for investors looking for financial stability in their investments. Additionally, the stock’s price-to-book ratio stands at 1.16 as of the last twelve months ending Q4 2023, suggesting that the company’s assets are valued reasonably in the market.

InvestingPro Tips also highlight that the stock is currently in oversold territory as per the Relative Strength Index (RSI), which may signal a potential rebound opportunity for investors. However, it’s important to note that analysts do not expect the company to be profitable this year, and the stock has experienced significant volatility with a 48.93% decline over the last month. These factors should be carefully weighed by potential investors.

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