Shares of gene editing technology company Verve Therapeutics (NASDAQ:VERV) are tanking today after reporting a wider-than-expected third-quarter loss.
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The top line came in at $0.93 million, ahead of expectations by $0.1 million. Net loss per share at $0.79 though came in wider than estimates by $0.06. The company had a cash pile of $550.7 million at the end of September.
Separately, the U.S. Food and Drug Administration placed a hold on Verve’s IND application for its product candidate VERVE-101.
The company had requested clearance to conduct a clinical trial of the drug for the treatment of heterozygous familial hypercholesterolemia.
Shares of the company are down nearly 20% today as a result.
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