Verve Therapeutics (NASDAQ:VERV) Trading Down 4.9% – Time to Sell?

Verve Therapeutics, Inc. (NASDAQ:VERV)’s share price dropped 4.9% during trading on Monday . The stock traded as low as $7.84 and last traded at $7.76. Approximately 241,410 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 1,634,615 shares. The stock had previously closed at $8.16.

Analysts Set New Price Targets

Several brokerages have commented on VERV. Royal Bank of Canada cut their target price on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Canaccord Genuity Group upped their price objective on Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, HC Wainwright lowered their target price on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th.

Verve Therapeutics Price Performance

The firm has a market cap of $680.67 million, a P/E ratio of -3.27 and a beta of 1.74. The stock’s 50-day simple moving average is $6.53 and its two-hundred day simple moving average is $5.87.

Institutional Trading of Verve Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in VERV. AQR Capital Management LLC purchased a new position in Verve Therapeutics in the 2nd quarter worth about $466,000. The Manufacturers Life Insurance Company raised its holdings in shares of Verve Therapeutics by 20.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,105 shares of the company’s stock valued at $137,000 after purchasing an additional 4,759 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Verve Therapeutics during the third quarter worth $145,000. Creative Planning purchased a new stake in shares of Verve Therapeutics during the 3rd quarter worth $50,000. Finally, PFG Investments LLC bought a new position in Verve Therapeutics in the third quarter worth about $53,000. 97.11% of the stock is currently owned by 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.