Verve Therapeutics (NASDAQ:VERV) Trading Down 8.2% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV) shares traded down 8.2% during trading on Tuesday . The stock traded as low as $7.11 and last traded at $7.13. 189,596 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,739,860 shares. The stock had previously closed at $7.76.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Canaccord Genuity Group lifted their price target on Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada lowered their price target on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Finally, HC Wainwright reduced their price objective on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th.

Verve Therapeutics Price Performance

The company has a market capitalization of $622.67 million, a PE ratio of -2.99 and a beta of 1.68. The stock has a 50-day simple moving average of $6.02 and a 200 day simple moving average of $5.82.

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, topping the consensus estimate of ($0.70) by $0.11. The business had revenue of $6.87 million during the quarter, compared to the consensus estimate of $2.75 million. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. The business’s revenue was up 120.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.72) EPS. As a group, research analysts predict that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Trading of Verve Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its position in shares of Verve Therapeutics by 189.7% during the 4th quarter. GAMMA Investing LLC now owns 6,054 shares of the company’s stock worth $34,000 after purchasing an additional 3,964 shares during the last quarter. Creative Planning purchased a new position in Verve Therapeutics during the third quarter worth $50,000. PFG Investments LLC acquired a new position in shares of Verve Therapeutics in the third quarter worth $53,000. Erste Asset Management GmbH purchased a new stake in shares of Verve Therapeutics in the third quarter valued at $56,000. Finally, Impact Partnership Wealth LLC acquired a new stake in shares of Verve Therapeutics during the fourth quarter valued at $70,000. Hedge funds and other 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.