Verve Therapeutics (NASDAQ:VERV) Shares Down 5.7% – Here’s Why

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) were down 5.7% during trading on Monday . The stock traded as low as $6.95 and last traded at $7.18. Approximately 365,305 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,646,120 shares. The stock had previously closed at $7.61.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. HC Wainwright decreased their target price on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group increased their price target on shares of Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th.

Verve Therapeutics Trading Up 7.1 %

The firm has a market cap of $730.62 million, a P/E ratio of -3.51 and a beta of 1.74. The company’s fifty day moving average price is $6.34 and its two-hundred day moving average price is $5.84.

Verve Therapeutics (NASDAQ:VERV) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.59) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.11. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The firm had revenue of $6.87 million for the quarter, compared to analysts’ expectations of $2.75 million. During the same period in the prior year, the firm earned ($0.72) earnings per share. The company’s quarterly revenue was up 120.2% compared to the same quarter last year. On average, analysts predict that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Verve Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp boosted its stake in 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 purchasing an additional 903,809 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position 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 worth $7,547,000 after buying an additional 653,578 shares in the last quarter. Braidwell LP acquired a new position in Verve Therapeutics during the 3rd quarter worth about $3,020,000. Ikarian Capital LLC bought a new stake in Verve Therapeutics during the 3rd quarter worth about $823,000. Finally, Acuta Capital Partners LLC acquired a new stake in Verve Therapeutics in the 3rd quarter valued at about $707,000. 97.11% of the stock is owned by institutional investors and hedge funds.

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.