Verve Therapeutics (NASDAQ:VERV) stock is taking a beating on Monday following bad news from the U.S. Food and Drug Administration (FDA).
The unfortunate news for VERV stock shareholders is that the FDA put the company’s VERVE-101 Investigational New Drug Application (IND) on hold. The drug was undergoing testing in patients with heterozygous familial hypercholesterolemia.
This hold on the IND comes after the company submitted its application in October. Verve Therapeutics notes that it expects a response from the FDA concerning the hold within 30 days. The company will provide updates to holders of VERV stock when it can.
Q3 Earnings Aren’t Helping VERV Stock
The company’s earnings report today also saw it missing Wall Street’s EPS estimate of -74 cents. The company posted a wider-than-expected loss of 79 cents per share during the quarter. That’s also worse than the -47 cents reported in the same period of the year prior.
All of this news brings heavy trading to VERV stock today as investors sell shares. As of this writing, more than 2 million shares of the stock have changed hands. That’s a major jump from the daily average trading volume of about 934,000 shares.
VERV stock is down 28.4% as of Monday morning and down 43.1% since the start of the year.
There’s more recent stock market news traders will want to know about below!
InvestorPlace has all of the hottest stock market coverage ready to go on Monday! Among that is what has shares of Phunware (NASDAQ:PHUN), Palantir (NYSE:PLTR) and Digital World Acquisition (NASDAQ:DWAC) shares moving today. You can catch up on all of that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
