ARK Genomic Revolution ETFs raise stake in Verve Therapeutics

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ARK Genomic Revolution ETFs raise stake in Verve Therapeutics

Two of its exchange-traded funds have raised the stake in clinical stage genetics medicine company Verve Therapeutics Inc VERV, according to Cathie Wood-led Ark Investment Management. The flagship ARK Innovation ETF ARKK and the ARK Genomic Revolution ETF ARKG bought over 675,000 shares, valued at over $23 million, based on Friday's closing price.

According to the data provided by the firm, the 12th largest holding in the ARK Genomic Revolution ETF is valued at over $85 million and has a weight of over 3.62%.

Verve has cleared its Clinical Trial Authorization CTA application by the United Kingdom U.K. The U.K. CTA is part of a global regulatory strategy established by Verve for the clinical development of VERVE 101, which also includes a cleared CTA in New Zealand and an anticipated regulatory clearance for an investigational new drug IND application in the United States in the second half of 2022, according to the firm.

Verve said it is enrolling patients in its heart- 1 Clinical Trial of VERVE 101 for HeFH in New Zealand and expects to enroll patients in the U.K. soon.

Price Action: The shares of Verve Therapeutics were down over 3% on Friday. The stock has lost 10% in the last month.