Verve Therapeutics (NASDAQ:VERV) Trading Down 5.9% - What's Next?

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report) were down 5.9% on Friday . The stock traded as low as $5.92 and last traded at $5.93. Approximately 317,595 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,363,561 shares. The stock had previously closed at $6.30.

Wall Street Analyst Weigh In

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

Verve Therapeutics Price Performance

The stock has a market capitalization of $509.68 million, a price-to-earnings ratio of -2.45 and a beta of 1.71. The firm's fifty day moving average is $5.83 and its 200-day moving average is $5.68.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.70) by $0.11. The business had revenue of $6.87 million for the quarter, compared to analyst estimates of $2.75 million. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The company's revenue for the quarter was up 120.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.72) EPS. On average, sell-side analysts expect that Verve Therapeutics, Inc. will post -2.49 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. lifted its stake in Verve Therapeutics by 20.9% during the third quarter. Franklin Resources Inc. now owns 34,155 shares of the company's stock worth $172,000 after purchasing an additional 5,914 shares during the last quarter. Barclays PLC raised its holdings in shares of Verve Therapeutics by 139.8% during the third quarter. Barclays PLC now owns 222,919 shares of the company's stock worth $1,079,000 after purchasing an additional 129,944 shares during the period. Geode Capital Management LLC lifted its position in shares of Verve Therapeutics by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,600,687 shares of the company's stock worth $7,749,000 after buying an additional 40,915 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Verve Therapeutics by 27.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 58,700 shares of the company's stock valued at $284,000 after buying an additional 12,600 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Verve Therapeutics during the 3rd quarter valued at about $500,000. Institutional investors and hedge funds 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.