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June 17, 2021, 6:14 a.m. EDT

Verve Therapeutics upsized IPO prices above the expected range

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By Tomi Kilgore

Verve Therapeutics Inc. /zigman2/quotes/227446048/composite VERV -1.99% is set to go public Thursday, after the Massachusetts-based biotechnology company's upsized initial public offering priced overnight above the expected range to value the company at about $832.6 million. Verve, which focuses on genetic medicines for cardiovascular disease, said it 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 expected to begin trading Thursday on the Nasdaq under the ticker symbol "VERV." J.P. Morgan, Jefferies, Guggenheim Securities and William Blair are 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 -4.67% has lost 3.5% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has gained 6.3%.

/zigman2/quotes/227446048/composite
US : U.S.: Nasdaq
$ 32.52
-0.66 -1.99%
Volume: 1.03M
Jan. 21, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.57 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 44.67
-2.19 -4.67%
Volume: 326,133
Jan. 21, 2022 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,397.94
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
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