Verve Therapeutics (NASDAQ:VERV) Shares Gap Up - Here's What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $7.52, but opened at $7.90. Verve Therapeutics shares last traded at $8.07, with a volume of 202,357 shares trading hands.

Wall Street Analyst Weigh In

VERV has been the subject of several research reports. HC Wainwright decreased their price objective on shares of Verve Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Royal Bank of Canada lowered their price target on Verve Therapeutics from $20.00 to $17.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted 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.

Verve Therapeutics Price Performance

The company's 50-day simple moving average is $6.45 and its two-hundred day simple moving average is $5.88. The firm has a market capitalization of $690.83 million, a P/E ratio of -3.32 and a beta of 1.74.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share for the quarter, beating 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 return on equity of 35.23% and a negative net margin of 807.65%. Verve Therapeutics's quarterly revenue was up 120.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.72) earnings per share. Analysts predict that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System lifted its holdings in Verve Therapeutics by 15.8% during the fourth quarter. Arizona State Retirement System now owns 19,593 shares of the company's stock valued at $111,000 after purchasing an additional 2,669 shares in the last quarter. US Bancorp DE lifted its stake in shares of Verve Therapeutics by 62.8% during the 4th quarter. US Bancorp DE now owns 30,616 shares of the company's stock valued at $173,000 after buying an additional 11,810 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Verve Therapeutics by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 220,502 shares of the company's stock worth $1,244,000 after buying an additional 5,262 shares during the period. IFP Advisors Inc increased its stake in Verve Therapeutics by 823,700.0% in the 4th quarter. IFP Advisors Inc now owns 8,238 shares of the company's stock worth $47,000 after buying an additional 8,237 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Verve Therapeutics by 1.9% during the fourth quarter. Rhumbline Advisers now owns 111,203 shares of the company's stock valued at $627,000 after acquiring an additional 2,093 shares during the period. 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.