Verve Therapeutics (NASDAQ:VERV) Trading Up 6.2% – Here’s Why

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) shot up 6.2% during mid-day trading on Friday . The stock traded as high as $6.40 and last traded at $6.38. 98,868 shares traded hands during trading, a decline of 83% from the average session volume of 565,341 shares. The stock had previously closed at $6.01.

Analyst Ratings Changes

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

The company has a fifty day moving average price of $5.84 and a 200 day moving average price of $5.69. The stock has a market cap of $546.08 million, a P/E ratio of -2.62 and a beta of 1.71.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.59) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.11. The firm had revenue of $6.87 million for the quarter, compared to analyst estimates of $2.75 million. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The business’s quarterly revenue was up 120.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.72) earnings per share. As a group, sell-side analysts expect that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Institutional Trading of Verve Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Braidwell LP purchased a new stake in Verve Therapeutics in the 3rd quarter valued at about $3,020,000. State Street Corp raised its stake in shares of Verve Therapeutics by 27.0% during 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 period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Verve Therapeutics by 28.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 572,173 shares of the company’s stock worth $2,769,000 after buying an additional 126,110 shares during the last quarter. XTX Topco Ltd purchased a new stake in Verve Therapeutics in the 3rd quarter worth about $500,000. Finally, Algert Global LLC raised its stake in Verve Therapeutics by 63.1% in the 3rd quarter. Algert Global LLC now owns 224,216 shares of the company’s stock valued at $1,085,000 after acquiring an additional 86,720 shares during the period. 97.11% of the stock is owned by hedge funds and other institutional investors.

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.