Verve Therapeutics (NASDAQ:VERV) Trading Up 10.1% After Strong Earnings

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) were up 10.1% on Tuesday following a better than expected earnings announcement. The stock traded as high as $6.73 and last traded at $6.66. Approximately 492,787 shares traded hands during trading, a decline of 62% from the average daily volume of 1,300,799 shares. The stock had previously closed at $6.05.

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 35.20% and a negative net margin of 933.08%. The business’s revenue was up 120.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.72) earnings per share.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. HC Wainwright reduced their target price 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. Royal Bank of Canada decreased their target price on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Canaccord Genuity Group increased their price target on shares of Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $25.75.

Hedge Funds Weigh In On Verve Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its stake in 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 purchasing an additional 6,949 shares during the last quarter. Creative Planning acquired a new stake in Verve Therapeutics during the 3rd quarter worth approximately $50,000. PFG Investments LLC bought a new stake in Verve Therapeutics in the 3rd quarter valued at $53,000. Daiwa Securities Group Inc. increased its position in Verve Therapeutics by 89.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 12,094 shares of the company’s stock worth $59,000 after buying an additional 5,723 shares during the period. Finally, Cornercap Investment Counsel Inc. grew its stake in shares of Verve Therapeutics by 13.5% in the second quarter. Cornercap Investment Counsel Inc. now owns 14,956 shares of the company’s stock valued at $73,000 after acquiring an additional 1,778 shares in the last quarter. Institutional investors own 97.11% of the company’s stock.

Verve Therapeutics Price Performance

The business’s 50-day moving average is $5.48 and its 200 day moving average is $5.69. The firm has a market capitalization of $538.22 million, a P/E ratio of -2.61 and a beta of 1.75.

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.