Verve Therapeutics (NASDAQ:VERV) Stock Price Down 6.1% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV)’s share price dropped 6.1% during mid-day trading on Wednesday . The stock traded as low as $6.29 and last traded at $6.31. Approximately 164,218 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,354,358 shares. The stock had previously closed at $6.72.

Analyst Upgrades and Downgrades

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

Verve Therapeutics Trading Down 4.6 %

The company has a market cap of $542.70 million, a price-to-earnings ratio of -2.53 and a beta of 1.71. The company’s 50 day moving average price is $5.63 and its 200 day moving average price is $5.64.

Verve Therapeutics (NASDAQ:VERV) last released its earnings results on Tuesday, November 5th. The company reported ($0.59) EPS for the quarter, topping the consensus estimate of ($0.70) by $0.11. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The company had revenue of $6.87 million during the quarter, compared to analysts’ expectations of $2.75 million. During the same quarter last year, the business earned ($0.72) EPS. The business’s revenue was up 120.2% on a year-over-year basis. Sell-side analysts predict that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Institutional Trading of Verve Therapeutics

Hedge funds have recently made changes to their positions in the company. State Street Corp increased its holdings in shares of Verve Therapeutics by 27.0% in the 3rd quarter. State Street Corp now owns 4,253,217 shares of the company’s stock valued at $20,586,000 after purchasing an additional 903,809 shares in the last quarter. Novo Holdings A S increased its holdings 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 in the last quarter. Geode Capital Management LLC increased its holdings in shares of Verve Therapeutics by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,600,687 shares of the company’s stock valued at $7,749,000 after purchasing an additional 40,915 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Verve Therapeutics by 72.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,559,393 shares of the company’s stock valued at $7,547,000 after purchasing an additional 653,578 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Verve Therapeutics by 0.3% in the 3rd quarter. FMR LLC now owns 1,418,993 shares of the company’s stock valued at $6,868,000 after purchasing an additional 3,873 shares in the last quarter. 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.