Verve Therapeutics (NASDAQ:VERV) Shares Gap Up – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV) shares gapped up prior to trading on Tuesday . The stock had previously closed at $7.52, but opened at $7.90. Verve Therapeutics shares last traded at $8.07, with a volume of 202,357 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have issued reports on VERV. HC Wainwright cut their target price 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. Canaccord Genuity Group lifted 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, Royal Bank of Canada cut their target price on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th.

Verve Therapeutics Price Performance

The firm has a market cap of $666.27 million, a price-to-earnings ratio of -3.19 and a beta of 1.74. The firm has a fifty day simple moving average of $6.29 and a two-hundred day simple moving average of $5.83.

Verve Therapeutics (NASDAQ:VERV) last issued 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 analyst estimates of $2.75 million. During the same quarter in the prior year, the firm earned ($0.72) earnings per share. Verve Therapeutics’s revenue for the quarter was up 120.2% on a year-over-year basis. Equities analysts anticipate that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Verve Therapeutics

A number of institutional investors have recently modified their holdings of VERV. Hsbc Holdings PLC purchased a new position in Verve Therapeutics during the second quarter valued at approximately $80,000. AQR Capital Management LLC acquired a new stake in Verve Therapeutics during the second quarter valued at $466,000. The Manufacturers Life Insurance Company raised its position in shares of Verve Therapeutics by 20.4% in the second quarter. The Manufacturers Life Insurance Company now owns 28,105 shares of the company’s stock worth $137,000 after acquiring an additional 4,759 shares during the period. SG Americas Securities LLC acquired a new position in shares of Verve Therapeutics in the third quarter worth about $145,000. Finally, Green Alpha Advisors LLC raised its position in shares of Verve Therapeutics by 31.7% in the third quarter. Green Alpha Advisors LLC now owns 25,598 shares of the company’s stock worth $124,000 after acquiring an additional 6,165 shares during the period. Hedge funds and other institutional investors 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.