Verve Therapeutics (NASDAQ:VERV) Trading Down 11% - Here's What Happened

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report) were down 11% during mid-day trading on Monday . The stock traded as low as $6.40 and last traded at $5.97. Approximately 64,484 shares traded hands during trading, a decline of 96% from the average daily volume of 1,520,709 shares. The stock had previously closed at $6.71.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. HC Wainwright boosted their price objective 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. Royal Bank of Canada reduced their price target on Verve Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. Finally, William Blair restated an "outperform" rating on shares of Verve Therapeutics in a research report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $25.50.

Verve Therapeutics Stock Performance

The stock has a market capitalization of $534.55 million, a price-to-earnings ratio of -2.43 and a beta of 1.77. The stock has a fifty day simple moving average of $6.99 and a two-hundred day simple moving average of $6.09.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.14. The firm had revenue of $13.08 million for the quarter, compared to analyst estimates of $3.94 million. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. Research analysts forecast that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

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Institutional Investors Weigh In On Verve Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning acquired a new stake in Verve Therapeutics in the third quarter valued at approximately $50,000. US Bancorp DE increased its stake in Verve Therapeutics by 1,631.7% during the 3rd quarter. US Bancorp DE now owns 18,806 shares of the company's stock valued at $91,000 after purchasing an additional 17,720 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in Verve Therapeutics by 8.2% during the third quarter. Los Angeles Capital Management LLC now owns 262,393 shares of the company's stock worth $1,270,000 after buying an additional 19,925 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of Verve Therapeutics in the third quarter valued at $74,000. Finally, Accredited Investors Inc. increased its position in shares of Verve Therapeutics by 14.3% during the third quarter. Accredited Investors Inc. now owns 20,000 shares of the company's stock worth $97,000 after acquiring an additional 2,500 shares in the last quarter. 97.11% of the stock is owned by institutional investors.

Verve Therapeutics Company Profile

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.