Verve Therapeutics (NASDAQ:VERV) Stock Price Up 6.1% - Here's Why

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report) rose 6.1% on Wednesday . The stock traded as high as $6.85 and last traded at $6.97. Approximately 172,308 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 1,348,190 shares. The stock had previously closed at $6.57.

Analyst Upgrades and Downgrades

Several research firms recently commented on VERV. Canaccord Genuity Group raised their target price on Verve Therapeutics from $29.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. HC Wainwright cut their price objective on Verve Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Finally, Royal Bank of Canada lowered their target price on shares of Verve Therapeutics from $20.00 to $17.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th.

Verve Therapeutics Stock Performance

The stock has a 50-day moving average of $5.84 and a 200 day moving average of $5.79. The firm has a market capitalization of $660.35 million, a P/E ratio of -3.17 and a beta of 1.68.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last announced its 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. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. The company had revenue of $6.87 million for the quarter, compared to analysts' expectations of $2.75 million. During the same quarter in the prior year, the business earned ($0.72) earnings per share. The business's revenue for the quarter was up 120.2% on a year-over-year basis. On average, equities analysts predict that Verve Therapeutics, Inc. will post -2.49 EPS for the current year.

Institutional Trading of Verve Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp lifted its position in Verve Therapeutics by 27.0% during the 3rd quarter. State Street Corp now owns 4,253,217 shares of the company's stock valued at $20,586,000 after purchasing an additional 903,809 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Verve Therapeutics by 72.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,559,393 shares of the company's stock valued at $7,547,000 after buying an additional 653,578 shares during the period. Braidwell LP bought a new position in Verve Therapeutics in the third quarter valued at approximately $3,020,000. Novo Holdings A S grew its holdings in Verve Therapeutics by 20.0% during the 2nd quarter. Novo Holdings A S now owns 2,400,000 shares of the company's stock worth $11,712,000 after acquiring an additional 400,000 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Verve Therapeutics by 245.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 395,699 shares of the company's stock valued at $1,931,000 after purchasing an additional 281,173 shares during the period. Institutional investors and hedge funds own 97.11% of the company's stock.

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.