2023-04-13 13:49:46 ET
- Gene editing company Verve Therapeutics ( NASDAQ: VERV ) added ~11% on Thursday after Canaccord Genuity launched its coverage with a Buy rating and $29 per share target, citing a resolution to the clinical hold on the company’s lead asset VERVE-101.
- Late last year, the FDA placed on hold VERV’s Investigational New Drug application (IND) for VERVE-101 targeted at patients with a genetically-driven form of dyslipidemia called heterozygous familial hypercholesterolemia.
- Citing the reasons for the decision and recent management comments, Canaccord analyst Whitney Ijem expects a positive outcome to the event that sent Verve ( VERV ) ~30% lower in November.
- “Positive clinical and regulatory progress with VERVE-101 would have significant read-through to second program VERVE-201,” the analyst wrote, referring to the company’s experimental therapy for homozygous familial hypercholesterolemia.
- Ijem estimates more than $5B combined peak sales for both VERVE-101 and VERVE-201 and contrasts the projection with Verve’s ( VERV ) current trading levels.
- Read: Seeking Alpha analyst Capital Connoisseur issued a Buy rating on VERV in March, noting that despite the clinical hold on VERVE-101, the company’s technology remains promising.
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Verve spikes 11% as Canaccord initiates with Buy