Whitney Ijem, an analyst from Canaccord Genuity, maintained the Buy rating on Verve Therapeutics (VERV – Research Report). The associated price target is $32.00.
Whitney Ijem’s Buy rating for Verve Therapeutics is based on multiple elements. The company’s recent earnings report for the third quarter of 2023 did not bring any significant surprises in comparison to its latest updates on their primary program, VERVE-101 for HeFH. Moreover, the stock has been performing exceptionally well, with an increase of approximately 80%-100% since the October 23rd announcement of the resolution of the clinical hold. This has shifted focus towards the impending interim data readout from heart-1 at AHA (Nov 11-13).
Aside from this, VERV’s other preclinical programs are also maintaining steady progress, with IND submissions anticipated in 2024. Additionally, the financial position of the company is strong, with the third quarter of 2023 ending with $485.2M in cash. Whitney Ijem has also updated her model to reflect the 3Q23 earnings. Subsequently, she has forwarded her SOTP-based valuation to 2024 and established a YE24 price target of $32, up from $29. This robust financial performance, coupled with promising future prospects, are the key reasons for Ijem’s Buy rating.
According to TipRanks, Ijem is a 4-star analyst with an average return of 12.2% and a 48.75% success rate. Ijem covers the Healthcare sector, focusing on stocks such as Ultragenyx Pharmaceutical, Rhythm Pharmaceuticals, and Tenaya Therapeutics.
In another report released yesterday, LifeSci Capital also maintained a Buy rating on the stock with a $55.00 price target.
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Verve Therapeutics (VERV) Company Description:
Verve Therapeutics Inc is a genetic medicines company pioneering the care of cardiovascular disease, transforming treatment from chronic management to single-course gene editing medicines. Its initial programs focus on PCSK9 and ANGPTL3, two genes that regulate levels of blood lipids. The company is developing these gene-editing treatments for patients with familial hypercholesterolemia, a genetic disease that causes life-long severely elevated blood cholesterol.
Read More on VERV:
- Verve Therapeutics (NASDAQ:VERV) Vaults Upward on Third Quarter Results
- Verve Therapeutics Highlights Recent Company Progress and Reports Third Quarter 2023 Financial Results
- Verve Therapeutics reports Q3 EPS (72c), consensus (92c)
- Verve Therapeutics, Eli Lilly expand relationship
- Verve and Lilly Relationship Expands to Include Verve’s In Vivo Gene Editing Programs Targeting PCSK9 and ANGPTL3
