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

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On Wednesday, BMO Capital Markets changed its price target on shares of Verve Therapeutics (NASDAQ:VERV). The company cut the price target to $30 from $56 previously, and maintained an Outperform rating.

The decision to lower the price follows the recent development of Verve Therapeutics, VERVE-101. Management has decided to change its focus to another drug candidate, VERVE-102, after seeing a grade 3 adverse event (AE) in patients receiving doses as low as 0.45 milligrams per kilogram of VERVE-101.

Despite the VERVE-101 recall, BMO Capital says the gene therapy has shown promise, with significant and sustained reductions in low-density lipoprotein cholesterol (LDL-C) seen in patients. The drug reduced up to 73% the level of LDL-C in a period of more than 270 days. In addition, it is shown that no cardiovascular events or myocardial infarction were reported in the five patients who received treatment.

The competitive landscape of LDL-C-lowering drugs is recognized as a challenge to VERVE-101’s path forward. However, BMO Capital is hopeful that VERVE-102’s clinical window will overcome the safety issues reported with VERVE-101, although it also recognizes that recent news is adding to the uncertainty surrounding gene editing therapies.

InvestingPro Insights

Following recent developments at Verve Therapeutics and a price change by BMO Capital Markets, a look at real-time data from InvestingPro provides additional information for investors. With a market capitalization of about $695.71 million, Verve Therapeutics has more than its net worth, according to InvestingPro Tips. This can be an encouraging sign for investors looking for financial stability in their investments. In addition, the price-to-earnings ratio is 1.16 for the twelve months ending Q4 2023, which means that the company’s stock is overvalued in the market.

InvestingPro Advisors also highlights that the stock is in oversold territory according to the Relative Strength Index (RSI), which may indicate potential returns for investors. However, it is important to note that analysts do not expect the company to be profitable this year, and the stock has experienced significant volatility with a decline of 48.93% last month. These factors should be carefully considered by potential investors.

For those interested in learning more about Verve Therapeutics’ financials and stock performance, InvestingPro provides additional guidance and metrics. Using a promo code PRONEWS24investors can get an additional 10% discount per year or every year with a Pro and Pro + subscription, and get access to more expert research and data to inform their investment decisions.

This article was created with the help of AI and reviewed by an editor. For more information see our T&C.

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