Verve Therapeutics (NASDAQ:VERV) Shares Gap Up – Should You Buy?

Verve Therapeutics, Inc. (NASDAQ:VERV) gapped up before the market opened on Tuesday . The stock had previously closed at $7.52, but opened at $7.90. Verve Therapeutics shares last traded at $8.07, with a volume of 202,357 shares trading hands.

Analyst Ratings Changes

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

Verve Therapeutics Stock Performance

The stock has a 50-day moving average of $6.40 and a two-hundred day moving average of $5.86.

Verve Therapeutics (NASDAQ:VERV) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.11. The firm 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 company’s revenue was up 120.2% on a year-over-year basis. During the same period last year, the company earned ($0.72) earnings per share. On average, equities analysts forecast that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Institutional Trading of Verve Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its holdings in shares of Verve Therapeutics by 27.0% during the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock valued at $20,586,000 after buying an additional 903,809 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 acquiring an additional 40,915 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Verve Therapeutics by 72.2% during 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 during the last quarter. 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 worth $6,868,000 after purchasing an additional 3,873 shares in the last quarter. Finally, Braidwell LP purchased a new position in shares of Verve Therapeutics in the third quarter worth $3,020,000. 97.11% of the stock is currently owned by institutional investors.

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.