Verve Therapeutics adds two people to its management board Via Investing.com

BOSTON—Verve Therapeutics, a biotechnology company focused on gene editing approaches to cardiovascular disease, today announced the appointment of Dr. Nia Tatsis and Jodie Morrison to its board of directors. Dr. Tatsis is currently Executive Vice President and Chief Regulatory and Quality Officer of Vertex Pharmaceuticals (NASDAQ:) and Ms. Morrison is Chief Executive Officer and a Director of Q32 Bio Inc.

This strategic move comes as Verve Therapeutics advances in clinical trials, including the Heart-2 VERVE-102 trial and the upcoming VERVE-201 trial. The company’s therapies, such as VERVE-102, aim to permanently inactivate the PCSK9 gene to control cholesterol levels and fight atherosclerotic cardiovascular disease.

The new board members bring a wealth of experience to Verve. Dr. Tatsis has extensive experience in regulatory affairs, having held positions in Sanofi (NASDAQ:) Pfizer (NYSE:) and Wyeth, and has contributed to the development of immunology and vaccines. Ms. Morrison has two decades of executive experience in the biopharmaceutical industry, holding significant roles including CEO of Cadent Therapeutics, which was sold to Novartis (SIX:) in 2021.

Verve CEO Sekar Kathiresan, M.D., expressed enthusiasm about the expertise the new hires will bring to the company’s mission to transform the way heart disease is treated with single-use gene-editing drugs. Both Dr. Tatsis and Ms. Morrison echoed this sentiment, emphasizing the importance of Verve’s mission and the potential impact of its innovative approach on the millions of people living with cardiovascular disease.

Verve Therapeutics is currently developing several gene editing therapies targeting genes associated with cholesterol levels and cardiovascular disease. The company’s approach represents a shift away from chronic treatments to potentially one-off treatments for these conditions.

The information in this article is based on a press release from Verve Therapeutics. The company continues to navigate the complex landscape of clinical development and regulatory approval as it strives to bring gene editing therapies to patients.

In other recent news, Verve Therapeutics has seen a number of significant changes. The biotechnology company announced the appointment of Dr. Troy Lister as its new chief scientific officer, replacing Drs. Andrew Bellinger. Lister brings to his new role over 15 years of industry experience, previously gained in significant positions including Sperotherapy (NASDAQ:), Novartis and AstraZeneca Biomedical Research Institutes (NASDAQ:).

In terms of financial results, Verve Therapeutics ended the first quarter of 2024 with cash reserves of $606.4 million, which are expected to support its operations through the end of 2026. The company also received a $5 million payment from Lilly for Lp, an early-stage(a) program reflecting Lilly’s investment in Verve’s pioneering gene-editing therapies.

The company also saw a change in analyst ratings. Jefferies lowered its price target on Verve Therapeutics to $28 from $31, but maintained a Buy rating. Similarly, BMO Capital Markets lowered its price target to $30 from $56, while Stifel lowered its price target to $40 from $56, with both companies maintaining their ratings.

Verve Therapeutics has pivoted to its second-generation PCSK9 base-editing therapy, VERVE-102, following a grade 3 adverse event in patients taking doses below 0.45 milligrams per kilogram of body weight of VERVE-101.

Despite this setback, the Company continues to advance its clinical development programs, including initiating patient dosing in the Phase 1b Heart-2 study and planning a clinical trial for VERVE-201, an ANGPTL3 editing therapy, in the second half of 2024.

InvestingPro Insights

As Verve Therapeutics advances its clinical trials and strengthens its management team with industry veterans, the company’s financial landscape presents a mix of challenges and potential. With a market capitalization of $421.51 million, Verve is a significant player in the biotechnology space.

Still, the company’s financial metrics reflect the inherent risks of the biotech sector, especially for companies in clinical development. Verve’s revenue growth has been impressive, with an increase of 379.79% in the trailing twelve months from Q1 2024, indicating significant progress in its business and market presence.

However, the company’s gross profit margin is -1060.27% during the same period, highlighting the significant costs associated with its R&D activities. This is further compounded by a negative return on assets of -28.8%, indicating challenges in generating profits from assets. Notably, the stock has experienced a sharp decline, with a 6-month total price return of -68.16% in mid-2024, reflecting the market sentiment and volatility often seen in the biotech industry.

InvestingPro’s tip highlights that Verve has more cash than debt on its balance sheet, which is a positive sign of financial stability and could provide the company with the necessary resources to continue its R&D activities. Furthermore, the Relative Strength Index (RSI) suggests that the stock is in oversold territory, potentially indicating an opportunity for investors considering technical analysis.

For investors intrigued by the potential of Verve Therapeutics and interested in deeper insights, 13 additional InvestingPro tips are available at https://www.investing.com/pro/VERV . These tips provide a more complete picture of the company’s financial health and prospects. To access these statistics, use coupon code PRONEWS24 to get an additional 10% off your 1- or 2-year Pro and Pro+ subscriptions, offering valuable guidance for those considering investing in the dynamic field of gene editing biotechnology.

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