Verve Therapeutics (NASDAQ:VERV) Shares Gap Down on Analyst Downgrade

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) gapped down prior to trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from $17.00 to $15.00. The stock had previously closed at $6.17, but opened at $5.86. Royal Bank of Canada currently has an outperform rating on the stock. Verve Therapeutics shares last traded at $5.93, with a volume of 651,003 shares traded.

VERV has been the subject of several other reports. HC Wainwright lifted their price objective on shares of Verve Therapeutics from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday. William Blair restated an “outperform” rating on shares of Verve Therapeutics in a research note on Friday, February 21st. Finally, Canaccord Genuity Group boosted their price target on Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Verve Therapeutics has a consensus rating of “Buy” and a consensus price target of $25.50.

Institutional Investors Weigh In On Verve Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio lifted its holdings in shares of Verve Therapeutics by 81.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 106,356 shares of the company’s stock valued at $600,000 after buying an additional 47,656 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Verve Therapeutics by 4.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,818 shares of the company’s stock valued at $676,000 after acquiring an additional 4,777 shares during the period. Vestal Point Capital LP boosted its position in Verve Therapeutics by 22.9% in the 4th quarter. Vestal Point Capital LP now owns 645,000 shares of the company’s stock worth $3,638,000 after purchasing an additional 120,000 shares in the last quarter. Two Sigma Advisers LP boosted its position in Verve Therapeutics by 58.8% in the 4th quarter. Two Sigma Advisers LP now owns 293,200 shares of the company’s stock worth $1,654,000 after purchasing an additional 108,600 shares in the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Verve Therapeutics by 32.5% during the 4th quarter. Two Sigma Investments LP now owns 570,304 shares of the company’s stock worth $3,217,000 after purchasing an additional 140,030 shares during the period. 97.11% of the stock is owned by hedge funds and other institutional investors.

Verve Therapeutics Trading Down 4.4 %

The firm’s fifty day moving average price is $6.91 and its two-hundred day moving average price is $6.03. The stock has a market capitalization of $499.26 million, a PE ratio of -2.40 and a beta of 1.74.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.14. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The company had revenue of $13.08 million during the quarter, compared to analysts’ expectations of $3.94 million. As a group, sell-side analysts anticipate that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

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.