Verve Therapeutics (NASDAQ:VERV) Trading Up 10.1% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price was up 10.1% during trading on Tuesday . The stock traded as high as $6.73 and last traded at $6.66. Approximately 492,787 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 1,300,799 shares. The stock had previously closed at $6.05.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on VERV shares. Canaccord Genuity Group dropped their target price on shares of Verve Therapeutics from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Monday, August 12th. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price target on shares of Verve Therapeutics in a report on Monday, August 12th. Finally, Royal Bank of Canada decreased their price target on shares of Verve Therapeutics from $25.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $26.00.

Verve Therapeutics Stock Performance

The stock has a market capitalization of $535.64 million, a P/E ratio of -2.44 and a beta of 1.75. The stock’s fifty day simple moving average is $5.45 and its two-hundred day simple moving average is $5.69.

Verve Therapeutics (NASDAQ:VERV) last posted its earnings results on Thursday, August 8th. The company reported ($0.59) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.09. Verve Therapeutics had a negative net margin of 933.08% and a negative return on equity of 35.20%. The firm had revenue of $6.70 million for the quarter, compared to analyst estimates of $2.40 million. During the same period in the previous year, the firm posted ($0.87) EPS. The company’s revenue for the quarter was up 219.0% compared to the same quarter last year. As a group, analysts expect that Verve Therapeutics, Inc. will post -2.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Verve Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Verve Therapeutics by 15.7% during the 1st quarter. Vanguard Group Inc. now owns 6,331,312 shares of the company’s stock worth $84,080,000 after acquiring an additional 859,382 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Verve Therapeutics by 8.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,592,198 shares of the company’s stock valued at $34,424,000 after purchasing an additional 194,594 shares during the last quarter. Novo Holdings A S boosted 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 valued at $11,712,000 after purchasing an additional 400,000 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Verve Therapeutics by 138.1% in the 2nd quarter. Renaissance Technologies LLC now owns 474,500 shares of the company’s stock valued at $2,316,000 after purchasing an additional 275,173 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Verve Therapeutics by 245.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 395,699 shares of the company’s stock valued at $1,931,000 after purchasing an additional 281,173 shares during the last quarter. 97.11% of the stock is owned by institutional investors.

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.