Verve Therapeutics (VERV) PT Lowered to $40 at Stifel

Stifel analyst Dae Gon Ha lowered the price target on Verve Therapeutics (NASDAQ: VERV) to $40.00 (from $56.00) while maintaining a Buy rating.

The analyst comments "Shares are sharply lower following an earlier VERVE-101 update (LINK) likely amplified by the small dataset backing the program (reminiscent of initial Ph.1b Heart-1 data [LINK]). Yet as we look ahead, investor conversations point to the same question: what's the mechanistic explanation, and what's the risk for the program? VERV's future update(s) should be most informative, but our review of various sources suggest that this may be an unfortunate n=1 observation (vs. fundamental issue with the program/approach). We tried to identify any causal link from LDL-c (or PCSK9), VERVE-101 preclinical observations, or any others but failed to land at a definitive conclusion. We recognize that the PR highlighted the observations as "drug-induced", but contrary to the stock reaction, we are reluctant to throw in the towel on the program. Nevertheless, pushing out the drug's market entry projection by one year (2028E/2029E, US/EU) reduces our TP to $40 (vs. $56 previously)."

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