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June 17, 2021, 12:48 p.m. EDT

Verve Therapeutics shares soar 68% in trading debut

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By Ciara Linnane

Verve Therapeutics Inc. shares /zigman2/quotes/227446048/composite VERV +7.04% soared 68% in their trading debut Thursday, after the Massachusetts-based biotechnology company's upsized initial public offering priced above the expected range to value the company at about $832.6 million. Verve, which focuses on genetic medicines for cardiovascular disease, sold 14.04 million shares in the IPO, which priced at $19 a share, to raise $266.7 million. The company had previously expected to offer 11.8 million shares in the IPO, which was expected to price between $16 and $18 a share. The stock is trading on the Nasdaq under the ticker symbol "VERV." J.P. Morgan, Jefferies, Guggenheim Securities and William Blair were the joint book-running managers. The company recorded a net loss of $45.7 million on no revenue in 2020, after a loss of $19.3 million on no revenue in 2019. Verve is going public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +3.81% has lost 3% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.43% has gained 6%.

/zigman2/quotes/227446048/composite
US : U.S.: Nasdaq
$ 28.44
+1.87 +7.04%
Volume: 904,296
Jan. 28, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.28 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 43.09
+1.58 +3.81%
Volume: 140,311
Jan. 28, 2022 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,431.85
+105.34 +2.43%
Volume: 2.91B
Jan. 28, 2022 4:54p
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