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

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) gapped up prior to trading on Tuesday . The stock had previously closed at $6.27, but opened at $11.04. Verve Therapeutics shares last traded at $10.90, with a volume of 24,580,304 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Royal Bank of Canada lowered their price target on Verve Therapeutics from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. HC Wainwright raised their target price on shares of Verve Therapeutics from $15.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, April 14th. Canaccord Genuity Group reissued a “hold” rating and issued a $13.00 price target (down previously from $39.00) on shares of Verve Therapeutics in a research note on Tuesday. William Blair reaffirmed a “market perform” rating on shares of Verve Therapeutics in a research report on Tuesday. Finally, Cantor Fitzgerald upgraded shares of Verve Therapeutics from a “neutral” rating to an “overweight” rating in a report on Tuesday, April 15th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.25.

Verve Therapeutics Stock Performance

The firm has a market cap of $1.00 billion, a P/E ratio of -4.56 and a beta of 1.67. The firm’s fifty day moving average is $4.86 and its 200 day moving average is $5.80.

Verve Therapeutics (NASDAQ:VERV) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.36. The company had revenue of $32.98 million during the quarter, compared to analysts’ expectations of $7.13 million. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. As a group, equities research analysts forecast that Verve Therapeutics, Inc. will post -2.49 EPS for the current year.

Institutional Investors Weigh In On Verve Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Verve Therapeutics by 1.9% during the 4th quarter. Rhumbline Advisers now owns 111,203 shares of the company’s stock worth $627,000 after buying an additional 2,093 shares during the last quarter. Arizona State Retirement System grew its holdings in Verve Therapeutics by 15.8% during the fourth quarter. Arizona State Retirement System now owns 19,593 shares of the company’s stock worth $111,000 after buying an additional 2,669 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Verve Therapeutics by 11.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 26,690 shares of the company’s stock valued at $122,000 after acquiring an additional 2,690 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Verve Therapeutics by 5.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 50,230 shares of the company’s stock worth $313,000 after acquiring an additional 2,742 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Verve Therapeutics by 5.7% in the fourth quarter. Invesco Ltd. now owns 57,140 shares of the company’s stock valued at $322,000 after purchasing an additional 3,080 shares during the last quarter. 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.