Stifel has upgraded the gene-editing firm Verve Therapeutics ( NASDAQ: VERV ) to Buy from Neutral, citing the prospects for the biotech's lead product candidate, VERVE-101.
The single-course therapy is currently undergoing heart-1, a Phase 1b clinical trial in New Zealand for patients with cardiovascular disease, heterozygous familial hypercholesterolemia (HeFH). VERV expects U.S. regulatory clearance to conduct its trials in H2 2022.
The filing of an Investigational Drug Application for VERVE-101 and the clinical trial data expected in 2023 from heart-1 will likely drive VERV higher, the analysts led by Dae Gon Ha argued raising the price target for the stock to $56 from $32 per share.
The analysts issue a favorable view on VERV's 1–2-year outlook after conversations with three ex-FDA KOLs, and the company's management and following a review of previous IND clinical holds.
Citing the NTLA-2001 gene editing candidate developed by Intellia ( NTLA ) and Regeneron ( REGN ), the team notes that positive heart-1 data could add "meaningful upside" for the stock even with no IND.
In 2021, NTLA and REGN demonstrated the potential of in-vivo CRISPR genome editing for the first time in humans with Phase 1 data for NTLA-2001 in ATTR amyloidosis.
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Verve upgraded to Buy at Stifel on near term catalysts for heart disease therapy