Verve Therapeutics (NASDAQ:VERV) Trading Up 5.3% – Here’s Why

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price shot up 5.3% during trading on Monday . The company traded as high as $5.94 and last traded at $5.91. 105,151 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,330,898 shares. The stock had previously closed at $5.61.

Analysts Set New Price Targets

VERV has been the topic of several recent research reports. 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. HC Wainwright decreased their price objective 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. Finally, Canaccord Genuity Group boosted their target price on Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Verve Therapeutics Stock Performance

The company has a market capitalization of $541.00 million, a P/E ratio of -2.46 and a beta of 1.75. The firm’s fifty day moving average is $5.37 and its 200 day moving average is $5.59.

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

Institutional Investors Weigh In On Verve Therapeutics

Several hedge funds have recently modified their holdings of VERV. Franklin Resources Inc. lifted its position in shares of Verve Therapeutics by 20.9% during the third quarter. Franklin Resources Inc. now owns 34,155 shares of the company’s stock valued at $172,000 after buying an additional 5,914 shares during the last quarter. Barclays PLC boosted its stake in Verve Therapeutics by 139.8% in the third quarter. Barclays PLC now owns 222,919 shares of the company’s stock valued at $1,079,000 after acquiring an additional 129,944 shares in the last quarter. Geode Capital Management LLC boosted its stake in Verve Therapeutics by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,600,687 shares of the company’s stock valued at $7,749,000 after acquiring an additional 40,915 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Verve Therapeutics by 27.3% in the third quarter. Public Employees Retirement System of Ohio now owns 58,700 shares of the company’s stock worth $284,000 after purchasing an additional 12,600 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Verve Therapeutics during the third quarter worth $500,000. 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.