Verve Therapeutics (NASDAQ:VERV) Trading Up 11.4% – Here’s Why

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price rose 11.4% during mid-day trading on Monday . The stock traded as high as $7.23 and last traded at $7.21. Approximately 469,809 shares were traded during trading, a decline of 65% from the average daily volume of 1,357,028 shares. The stock had previously closed at $6.47.

Analyst Upgrades and Downgrades

VERV has been the subject of several research analyst reports. Royal Bank of Canada dropped their price objective on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. HC Wainwright dropped their price objective on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their price objective on Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th.

Verve Therapeutics Price Performance

The company has a 50 day simple moving average of $5.63 and a 200-day simple moving average of $5.64. The stock has a market cap of $533.38 million, a P/E ratio of -2.61 and a beta of 1.71.

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

Institutional Investors Weigh In On Verve Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of VERV. Nisa Investment Advisors LLC lifted its stake in shares of Verve Therapeutics by 908.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,714 shares of the company’s stock valued at $38,000 after acquiring an additional 6,949 shares during the last quarter. Creative Planning bought a new stake in shares of Verve Therapeutics in the 3rd quarter valued at about $50,000. PFG Investments LLC bought a new stake in shares of Verve Therapeutics in the 3rd quarter valued at about $53,000. Erste Asset Management GmbH bought a new stake in shares of Verve Therapeutics in the 3rd quarter valued at about $56,000. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Verve Therapeutics by 89.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 12,094 shares of the company’s stock valued at $59,000 after acquiring an additional 5,723 shares during the last quarter. Institutional investors own 97.11% of the company’s stock.

About Verve Therapeutics

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.