Verve Therapeutics (NASDAQ:VERV) Trading 6.1% Higher – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price shot up 6.1% during mid-day trading on Wednesday . The stock traded as high as $6.85 and last traded at $6.97. 172,308 shares traded hands during trading, a decline of 87% from the average session volume of 1,348,190 shares. The stock had previously closed at $6.57.

Wall Street Analyst Weigh In

Several research firms have weighed in on VERV. Royal Bank of Canada dropped their target price on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Canaccord Genuity Group upped their target price on Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright lowered their price target on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th.

Verve Therapeutics Stock Performance

The firm’s 50 day moving average price is $5.89 and its 200-day moving average price is $5.80. The firm has a market capitalization of $669.75 million, a PE ratio of -3.22 and a beta of 1.68.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.11. The firm had revenue of $6.87 million for the quarter, compared to analysts’ expectations of $2.75 million. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The firm’s revenue for the quarter was up 120.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.72) EPS. On average, equities research analysts expect that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Verve Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its stake in Verve Therapeutics by 27.0% during the 3rd quarter. State Street Corp now owns 4,253,217 shares of the company’s stock valued at $20,586,000 after acquiring an additional 903,809 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Verve Therapeutics by 72.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,559,393 shares of the company’s stock worth $7,547,000 after buying an additional 653,578 shares in the last quarter. Braidwell LP acquired a new position in Verve Therapeutics during the third quarter worth $3,020,000. Novo Holdings A S increased its stake in shares of Verve Therapeutics by 20.0% in the 2nd quarter. Novo Holdings A S now owns 2,400,000 shares of the company’s stock worth $11,712,000 after acquiring an additional 400,000 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of Verve Therapeutics by 245.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 395,699 shares of the company’s stock worth $1,931,000 after acquiring an additional 281,173 shares during the period. Institutional investors and hedge funds own 97.11% of the company’s stock.

Verve Therapeutics Company Profile

Verve Therapeutics, Inc, a clinical stage genetic medicines company, engages in developing gene editing medicines for patients to treat cardiovascular diseases in the United States. The company's lead product candidate is VERVE-101, a single-course gene editing treatment that permanently turns off the PCSK9 gene in the liver; and VERVE-102, a product candidate that targets the PCSK9 gene for the treatment of HeFH.