Why Verve Therapeutics Is Skyrocketing Today
Verve Therapeutics (NASDAQ: VERV) stock is seeing explosive gains Tuesday. The biotech company's share price was up 24.5% as of 12:30 p.m. ET and had been up as much as 41% earlier in the session.
Yesterday, Verve published promising data from its Heart-2 Phase 1b clinical trial of its VERVE-102 treatment for heterozygous familial hypercholesterolemia (HeFH) and premature coronary artery disease. Several analysts have now raised their price targets on the stock, and investors are buying up shares in response.
In coverage published this morning, Cantor Fitzgerald raised its rating on Verve Therapeutics stock from neutral to overweight -- indicating that the firm thinks the stock is a good buy. The firm's analysts said that results for VERVE-102 had come in better than expected in terms of both safety and efficacy.
Guggenheim also published new coverage on Verve this morning -- maintaining a buy rating on the stock and raising its one-year price target from $18 per share to $24 per share. The firm's analysts cheered on the results for the Heart-2 Phase 1b trial and now sees a 75% chance that the treatment will be successfully marketed -- up from its previous estimate of 60%.
Canaccord was even more bullish. The firm reiterated a buy rating on the stock and increased its one-year price target from $32 per share to $39 per share, saying that safety and efficacy results for the treatment in the trial had knocked it out of the park.
Verve is scheduled to share more information about VERVE-102 at a medical conference this quarter, including trial data from the treatment at a higher dosage level. With the treatment potentially delivering best-in-class results, Verve stock could have room to run above current levels.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Why Verve Therapeutics Is Skyrocketing Today was originally published by The Motley Fool
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