Verve Therapeutics (NASDAQ:VERV) Trading Down 6.7% – What’s Next?

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price fell 6.7% on Wednesday . The company traded as low as $8.00 and last traded at $7.91. 607,308 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 1,568,531 shares. The stock had previously closed at $8.48.

Analysts Set New Price Targets

Several research firms have issued reports on VERV. Royal Bank of Canada cut their price objective on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Canaccord Genuity Group boosted 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, November 6th. Finally, HC Wainwright decreased 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 Stock Performance

The company has a market cap of $683.21 million, a PE ratio of -3.28 and a beta of 1.74. The company has a 50 day simple moving average of $6.70 and a two-hundred day simple moving average of $5.92.

Institutional Investors Weigh In On Verve Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VERV. BVF Inc. IL increased its stake in shares of Verve Therapeutics by 962.2% in the fourth quarter. BVF Inc. IL now owns 6,904,050 shares of the company’s stock worth $38,939,000 after acquiring an additional 6,254,050 shares during the last quarter. State Street Corp increased its position in Verve Therapeutics by 27.0% in the 3rd quarter. State Street Corp now owns 4,253,217 shares of the company’s stock worth $20,586,000 after purchasing an additional 903,809 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in shares of Verve Therapeutics by 57.4% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 3,789,379 shares of the company’s stock worth $21,372,000 after purchasing an additional 1,382,176 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Verve Therapeutics by 18.5% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,848,071 shares of the company’s stock worth $10,423,000 after purchasing an additional 288,678 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Verve Therapeutics by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 1,625,780 shares of the company’s stock valued at $9,172,000 after buying an additional 25,093 shares during the last quarter. 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.