Why Verve Therapeutics' Stock Dropped 26.33% on Monday

What happened

Verve Therapeutics (VERV -26.99%), a clinical-stage gene-editing biopharmaceutical that focuses on cardiovascular therapies, saw its share price plummet 26.33% as of Monday afternoon. The stock closed on Friday at $31.29 and opened on Monday at $24.45. It fell to as low as $21.62 before noon. The stock has a 52-week low of $10.70 and a 52-week high of $55.72. So far this year, Verve's shares are down more than 37%.

So what

The company released a double dose of bad information for investors in its third-quarter earnings report. The biggest news that hurt the stock was the announcement that the Food and Drug Administration (FDA) was placing a hold on the company's Investigational New Drug (IND) application, halting a potential clinical trial for VERVE-101 to treat patients with heterozygous familial hypercholesterolemia (HeFH), a type of atherosclerotic cardiovascular disease.