Verve Therapeutics (NASDAQ:VERV) Trading Up 6.7% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV)’s share price rose 6.7% during trading on Wednesday . The stock traded as high as $8.58 and last traded at $8.60. Approximately 392,140 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 1,661,113 shares. The stock had previously closed at $8.06.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reduced 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. Finally, HC Wainwright dropped their price target on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th.

Verve Therapeutics Trading Up 7.6 %

The stock has a market cap of $734.43 million, a price-to-earnings ratio of -3.52 and a beta of 1.74. The company has a fifty day simple moving average of $6.34 and a 200-day simple moving average of $5.84.

Verve Therapeutics (NASDAQ:VERV) last issued 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. The business had revenue of $6.87 million during the quarter, compared to analysts’ expectations of $2.75 million. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. Verve Therapeutics’s revenue was up 120.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.72) earnings per share. As a group, analysts anticipate that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Hedge Funds Weigh In On Verve Therapeutics

A number of large investors have recently made changes to their positions in VERV. GAMMA Investing LLC increased its stake in shares of Verve Therapeutics by 189.7% in the fourth quarter. GAMMA Investing LLC now owns 6,054 shares of the company’s stock worth $34,000 after acquiring an additional 3,964 shares during the last quarter. IFP Advisors Inc grew its stake in Verve Therapeutics by 823,700.0% in the fourth quarter. IFP Advisors Inc now owns 8,238 shares of the company’s stock valued at $47,000 after purchasing an additional 8,237 shares in the last quarter. Creative Planning acquired a new position in Verve Therapeutics in the 3rd quarter worth about $50,000. PFG Investments LLC purchased a new stake in shares of Verve Therapeutics during the 3rd quarter worth about $53,000. Finally, Erste Asset Management GmbH acquired a new stake in shares of Verve Therapeutics during the 3rd quarter valued at about $56,000. Institutional investors and hedge funds 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.