Verve Therapeutics (NASDAQ:VERV) Trading 8.6% Higher – What’s Next?

Verve Therapeutics, Inc. (NASDAQ:VERV) shares shot up 8.6% during trading on Thursday . The company traded as high as $6.01 and last traded at $5.96. 1,076,467 shares traded hands during trading, a decline of 17% from the average session volume of 1,300,895 shares. The stock had previously closed at $5.49.

Analyst Ratings Changes

A number of research firms have recently weighed in on VERV. 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 report on Wednesday, November 6th. Royal Bank of Canada cut their price objective 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. Finally, HC Wainwright lowered their target price 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.

Verve Therapeutics Stock Performance

The company has a market capitalization of $516.43 million, a P/E ratio of -2.48 and a beta of 1.68. The stock has a 50 day moving average price of $5.81 and a 200 day moving average price of $5.74.

Verve Therapeutics (NASDAQ:VERV) last announced its quarterly earnings data 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 net margin of 807.65% and a negative return on equity of 35.23%. The business had revenue of $6.87 million for the quarter, compared to analyst estimates of $2.75 million. During the same quarter in the previous year, the firm posted ($0.72) earnings per share. The company’s revenue for the quarter was up 120.2% on a year-over-year basis. As a group, sell-side analysts expect that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Hedge Funds Weigh In On Verve Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of VERV. State Street Corp raised its stake in shares of 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 buying an additional 903,809 shares during the period. Novo Holdings A S raised its stake in Verve Therapeutics by 20.0% in the 2nd quarter. Novo Holdings A S now owns 2,400,000 shares of the company’s stock valued at $11,712,000 after acquiring an additional 400,000 shares during the period. Geode Capital Management LLC raised its stake in Verve Therapeutics by 2.6% in the 3rd 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 period. Jacobs Levy Equity Management Inc. boosted its position in Verve Therapeutics by 72.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,559,393 shares of the company’s stock worth $7,547,000 after purchasing an additional 653,578 shares during the period. Finally, FMR LLC increased its stake in shares of Verve Therapeutics by 0.3% in the third quarter. FMR LLC now owns 1,418,993 shares of the company’s stock worth $6,868,000 after purchasing an additional 3,873 shares in the last quarter. 97.11% of the stock is 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.