On Thursday, Jefferies adjusted its price target for Verve Therapeutics (NASDAQ:VERV), a biotechnology company specializing in cardiovascular disease therapies. The firm reduced the target to $28 from $31 but maintained a Buy rating on the company's shares. The adjustment follows a recent update from the company regarding its ongoing clinical studies and financial status.
Verve Therapeutics has initiated the dosing of patients in its Phase 1b Heart-2 study, which evaluates VERVE-102, the company's second-generation PCSK9 base editing therapy. This study is a significant step forward for Verve, as the company anticipates meaningful data by 2025 that will potentially influence its partner, Eli Lilly and Company (NYSE:LLY), to make an opt-in decision shortly thereafter.
In addition to VERVE-102's progress, Verve is on schedule to begin a clinical study for VERVE-201, an ANGPTL3 editing therapy, in the second half of 2024. This marks another milestone in the company's efforts to develop innovative treatments for cardiovascular diseases.
Verve has also achieved a financial milestone, having received a $5 million payment from Lilly for its early-stage Lp(a) program. This payment is part of the companies' collaboration and reflects Lilly's investment in Verve's pioneering gene-editing therapies.
Financially, Verve Therapeutics reported ending the first quarter of 2024 with $606.4 million in cash reserves. According to the company, these funds are expected to support its operations well into late 2026, providing a substantial financial runway for ongoing and future research and development activities.
InvestingPro Insights
As Verve Therapeutics (NASDAQ:VERV) advances its clinical studies and secures financial milestones, real-time metrics from InvestingPro provide a broader context for investors. The company holds a market capitalization of $510.25 million and has shown a remarkable revenue growth of 505.77% over the last twelve months as of Q4 2023. Despite this growth, Verve is navigating through challenges, as reflected by its negative gross profit margin of -1472.94% in the same period, indicating expenses far exceeding revenue.
InvestingPro Tips reveal that Verve Therapeutics is currently trading near its 52-week low, with the price at the previous close standing at $6.08. This could be an indicator of potential value, as the stock may be undervalued. Additionally, the company's liquid assets exceed its short-term obligations, suggesting a solid financial position in the near term. For investors looking to dive deeper into Verve Therapeutics' financial health and future prospects, there are 13 additional InvestingPro Tips available, which can provide further guidance. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching their investment analysis with comprehensive data and insights.
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