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Verve (VERV) Up 9.9% in a Week on Collaboration With Eli Lilly
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Verve's (VERV - Free Report) growth can be attributed to an exclusive research collaboration with Eli Lilly (LLY - Free Report) to further develop VERV’s preclinical stage in vivo gene editing program targeting lipoprotein (a) (Lp(a)).
High levels of Lp(a) have been proved to be a genetic factor that increases the risk of conditions like atherosclerotic cardiovascular disease ischemic stroke, thrombosis and aortic stenosis.
Per the deal, Verve will lead the research and development efforts for the Lp(a) program through phase I clinical development. Eli Lilly, on the other hand, will assume the responsibility for further development, manufacturing and commercialization of the program.
Verve will receive $60 million, including an upfront payment and equity investment. Eli Lilly will fund the research program costs through the phase I study. Furthermore, VERV is eligible to receive up to $465 million in research and development milestones, along with tiered royalties on global net sales.
After the completion of the phase I study, Verve will have the option to co-fund and share margins globally on the program instead of receiving milestones and royalties.
Verve’s shares rallied almost 9.9% in the past week compared with the industry's 0.4% growth.
Image Source: Zacks Investment Research
Through this partnership, Verve expects to accelerate the development of its Lp(a) program.
The collaboration will also steer the program toward cardiovascular patient care and provide Verve with substantial funding, extending its cash runway into 2026.
The company also has a four-year worldwide research collaboration with Vertex Pharmaceuticals (VRTX - Free Report) . The agreement was signed in July 2022, to develop in vivo gene editing candidates for an undisclosed liver disease.
As part of the deal, VERV sold 1,519,756 shares of its common stock to VRTX for $35 million. While Verve is responsible for the discovery, research and preclinical development, Vertex is in charge of reimbursing the research expenses and overseeing the research plan through a Joint Research Committee.
Loss per share estimate for Akero Therapeutics has narrowed from $3.22 to $2.80 for 2023 in the past 90 days. Shares of Akero Therapeutics have declined 4% in the past week.
AKRO’s earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 7.96%.
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Verve (VERV) Up 9.9% in a Week on Collaboration With Eli Lilly
Verve's (VERV - Free Report) growth can be attributed to an exclusive research collaboration with Eli Lilly (LLY - Free Report) to further develop VERV’s preclinical stage in vivo gene editing program targeting lipoprotein (a) (Lp(a)).
High levels of Lp(a) have been proved to be a genetic factor that increases the risk of conditions like atherosclerotic cardiovascular disease ischemic stroke, thrombosis and aortic stenosis.
Per the deal, Verve will lead the research and development efforts for the Lp(a) program through phase I clinical development. Eli Lilly, on the other hand, will assume the responsibility for further development, manufacturing and commercialization of the program.
Verve will receive $60 million, including an upfront payment and equity investment. Eli Lilly will fund the research program costs through the phase I study. Furthermore, VERV is eligible to receive up to $465 million in research and development milestones, along with tiered royalties on global net sales.
After the completion of the phase I study, Verve will have the option to co-fund and share margins globally on the program instead of receiving milestones and royalties.
Verve’s shares rallied almost 9.9% in the past week compared with the industry's 0.4% growth.
Image Source: Zacks Investment Research
Through this partnership, Verve expects to accelerate the development of its Lp(a) program.
The collaboration will also steer the program toward cardiovascular patient care and provide Verve with substantial funding, extending its cash runway into 2026.
The company also has a four-year worldwide research collaboration with Vertex Pharmaceuticals (VRTX - Free Report) . The agreement was signed in July 2022, to develop in vivo gene editing candidates for an undisclosed liver disease.
As part of the deal, VERV sold 1,519,756 shares of its common stock to VRTX for $35 million. While Verve is responsible for the discovery, research and preclinical development, Vertex is in charge of reimbursing the research expenses and overseeing the research plan through a Joint Research Committee.
Verve Therapeutics, Inc. Price and Consensus
Verve Therapeutics, Inc. price-consensus-chart | Verve Therapeutics, Inc. Quote
Zacks Rank and Stock to Consider
Verve currently has a Zacks Rank #4 (Sell).
A better-ranked stock in the biotech sector is Akero Therapeutics (AKRO - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Loss per share estimate for Akero Therapeutics has narrowed from $3.22 to $2.80 for 2023 in the past 90 days. Shares of Akero Therapeutics have declined 4% in the past week.
AKRO’s earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 7.96%.