Verve Therapeutics (NASDAQ:VERV) Trading Down 8.2% - What's Next?

Verve Therapeutics logo with Medical background

Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report)'s share price dropped 8.2% on Tuesday . The company traded as low as $7.11 and last traded at $7.13. Approximately 189,596 shares traded hands during trading, a decline of 89% from the average daily volume of 1,739,860 shares. The stock had previously closed at $7.76.

Analysts Set New Price Targets

VERV has been the subject of a number of recent research reports. Canaccord Genuity Group increased their price objective on Verve Therapeutics from $29.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Royal Bank of Canada cut their target price on Verve Therapeutics from $20.00 to $17.00 and set an "outperform" rating for the company in a research note on Wednesday, November 6th. Finally, HC Wainwright cut their target price on Verve Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th.

Check Out Our Latest Stock Analysis on Verve Therapeutics

Verve Therapeutics Trading Up 2.7 %

The firm has a 50 day moving average of $6.19 and a two-hundred day moving average of $5.85. The stock has a market capitalization of $644.26 million, a PE ratio of -3.09 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, beating analysts' consensus estimates 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 firm 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 firm earned ($0.72) EPS. Verve Therapeutics's quarterly revenue was up 120.2% on a year-over-year basis. Equities research analysts forecast that Verve Therapeutics, Inc. will post -2.49 EPS for the current year.

Institutional Investors Weigh In On Verve Therapeutics

Several hedge funds have recently made changes to their positions in the business. State Street Corp boosted its holdings in Verve Therapeutics by 27.0% in 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. Geode Capital Management LLC boosted its holdings in Verve Therapeutics by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,600,687 shares of the company's stock valued at $7,749,000 after acquiring an additional 40,915 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position 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 purchasing an additional 653,578 shares during the period. FMR LLC raised its position in Verve Therapeutics by 0.3% in the third quarter. FMR LLC now owns 1,418,993 shares of the company's stock valued at $6,868,000 after purchasing an additional 3,873 shares during the period. Finally, Braidwell LP purchased a new position in Verve Therapeutics in the third quarter valued at about $3,020,000. Institutional investors and hedge funds own 97.11% of the company's stock.

Verve Therapeutics Company Profile

(Get Free Report)

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.

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