Verve Therapeutics (NASDAQ:VERV) Trading Down 8.2% – Time to Sell?

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price was down 8.2% during trading on Tuesday . The company traded as low as $7.11 and last traded at $7.13. Approximately 189,596 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,739,860 shares. The stock had previously closed at $7.76.

Analyst Ratings Changes

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

Verve Therapeutics Price Performance

The stock has a 50-day simple moving average of $6.02 and a 200-day simple moving average of $5.82. The stock has a market cap of $622.67 million, a PE ratio of -2.99 and a beta of 1.68.

Verve Therapeutics (NASDAQ:VERV) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) 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 firm’s quarterly revenue was up 120.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.72) EPS. As a group, equities research analysts anticipate that Verve Therapeutics, Inc. will post -2.49 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC lifted its holdings in Verve Therapeutics by 139.8% in the 3rd quarter. Barclays PLC now owns 222,919 shares of the company’s stock worth $1,079,000 after buying an additional 129,944 shares in the last quarter. State Street Corp lifted its stake in shares of Verve Therapeutics by 27.0% in the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock worth $20,586,000 after acquiring an additional 903,809 shares in the last quarter. Braidwell LP purchased a new position in Verve Therapeutics in the third quarter valued at about $3,020,000. Charles Schwab Investment Management Inc. grew its stake in Verve Therapeutics by 28.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 572,173 shares of the company’s stock valued at $2,769,000 after purchasing an additional 126,110 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Verve Therapeutics during the 3rd quarter worth approximately $500,000. 97.11% of the stock is currently owned by hedge funds and other 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.