Verve Therapeutics (NASDAQ:VERV) Trading Up 11.4% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV)’s share price was up 11.4% during trading on Monday . The company traded as high as $7.23 and last traded at $7.21. Approximately 469,809 shares traded hands during trading, a decline of 65% from the average daily volume of 1,357,028 shares. The stock had previously closed at $6.47.

Analyst Ratings Changes

A number of analysts recently commented on VERV shares. Canaccord Genuity Group lifted their price target on Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. HC Wainwright dropped their price target on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Royal Bank of Canada dropped their price target on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th.

Verve Therapeutics Stock Down 6.3 %

The stock has a 50-day simple moving average of $5.63 and a 200-day simple moving average of $5.64. The firm has a market capitalization of $533.38 million, a PE ratio of -2.61 and a beta of 1.71.

Verve Therapeutics (NASDAQ:VERV) last released its earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.87 million during the quarter, compared to the consensus estimate of $2.75 million. During the same period last year, the business posted ($0.72) earnings per share. The business’s revenue for the quarter was up 120.2% on a year-over-year basis. Equities analysts forecast that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Verve Therapeutics

Hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its position in shares of Verve Therapeutics by 908.4% in the second quarter. Nisa Investment Advisors LLC now owns 7,714 shares of the company’s stock valued at $38,000 after purchasing an additional 6,949 shares in the last quarter. Creative Planning purchased a new position in shares of Verve Therapeutics in the third quarter valued at $50,000. PFG Investments LLC purchased a new position in shares of Verve Therapeutics in the third quarter valued at $53,000. Erste Asset Management GmbH purchased a new position in shares of Verve Therapeutics in the third quarter valued at $56,000. Finally, Daiwa Securities Group Inc. grew its position in shares of Verve Therapeutics by 89.8% in the second quarter. Daiwa Securities Group Inc. now owns 12,094 shares of the company’s stock valued at $59,000 after purchasing an additional 5,723 shares in the last quarter. 97.11% of the stock is currently owned by hedge funds and other institutional investors.

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.