Royal Bank of Canada Issues Pessimistic Forecast for Verve Therapeutics (NASDAQ:VERV) Stock Price

Verve Therapeutics (NASDAQ:VERV - Free Report) had its target price trimmed by Royal Bank of Canada from $17.00 to $15.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts have also weighed in on the company. 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 report on Wednesday, November 6th. HC Wainwright upped their price target on shares of Verve Therapeutics from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, William Blair reissued an "outperform" rating on shares of Verve Therapeutics in a report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Verve Therapeutics has an average rating of "Buy" and an average price target of $25.50.

Verve Therapeutics Stock Up 1.5 %

Shares of NASDAQ VERV traded up $0.10 during mid-day trading on Tuesday, hitting $6.71. 1,548,643 shares of the company were exchanged, compared to its average volume of 1,554,242. The stock has a 50 day simple moving average of $6.94 and a 200-day simple moving average of $6.05. Verve Therapeutics has a 1-year low of $4.30 and a 1-year high of $16.03. The firm has a market cap of $595.82 million, a price-to-earnings ratio of -2.73 and a beta of 1.77.

Remove Ads

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.58) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.14. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The company had revenue of $13.08 million during the quarter, compared to analysts' expectations of $3.94 million. Analysts anticipate that Verve Therapeutics will post -2.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Verve Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. BVF Inc. IL grew its holdings in Verve Therapeutics by 962.2% during the 4th quarter. BVF Inc. IL now owns 6,904,050 shares of the company's stock valued at $38,939,000 after buying an additional 6,254,050 shares during the last quarter. State Street Corp boosted its stake in shares of Verve Therapeutics by 27.0% during the third quarter. State Street Corp now owns 4,253,217 shares of the company's stock valued at $20,586,000 after acquiring an additional 903,809 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in shares of Verve Therapeutics by 57.4% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 3,789,379 shares of the company's stock valued at $21,372,000 after acquiring an additional 1,382,176 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Verve Therapeutics by 18.5% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,848,071 shares of the company's stock worth $10,423,000 after purchasing an additional 288,678 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Verve Therapeutics by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 1,625,780 shares of the company's stock valued at $9,172,000 after purchasing an additional 25,093 shares during the last quarter. 97.11% of the stock is currently 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.