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

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price shot up 6.1% during trading on Wednesday . The company traded as high as $6.85 and last traded at $6.97. 172,308 shares were traded during mid-day trading, a decline of 87% from the average session volume of 1,348,190 shares. The stock had previously closed at $6.57.

Analyst Ratings Changes

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

Verve Therapeutics Stock Up 13.9 %

The firm has a fifty day moving average of $5.80 and a 200-day moving average of $5.77. The stock has a market capitalization of $633.68 million, a price-to-earnings ratio of -3.02 and a beta of 1.68.

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 forecast that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Trading of Verve Therapeutics

Several large investors have recently modified their holdings of VERV. GAMMA Investing LLC lifted its stake in Verve Therapeutics by 189.7% in the 4th quarter. GAMMA Investing LLC now owns 6,054 shares of the company’s stock valued at $34,000 after buying an additional 3,964 shares in the last quarter. Creative Planning purchased a new stake in shares of Verve Therapeutics in the third quarter valued at $50,000. PFG Investments LLC acquired a new stake in shares of Verve Therapeutics during the third quarter valued at $53,000. Erste Asset Management GmbH purchased a new stake in Verve Therapeutics during the 3rd quarter worth about $56,000. Finally, Impact Partnership Wealth LLC acquired a new position in Verve Therapeutics in the 4th quarter valued at about $70,000. 97.11% of the stock is currently owned by institutional investors and hedge funds.

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.