Verve Therapeutics (NASDAQ:VERV) Stock Price Down 6.1% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV) shares dropped 6.1% on Wednesday . The company traded as low as $6.29 and last traded at $6.31. Approximately 164,218 shares traded hands during trading, a decline of 88% from the average daily volume of 1,354,358 shares. The stock had previously closed at $6.72.

Analyst Upgrades and Downgrades

VERV has been the topic of a number of recent research reports. Canaccord Genuity Group boosted their price target on shares of Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada lowered their price target on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Finally, HC Wainwright decreased their target price on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th.

Verve Therapeutics Stock Performance

The business’s 50 day moving average price is $5.63 and its 200-day moving average price is $5.64. The firm has a market capitalization of $542.70 million, a PE ratio of -2.53 and a beta of 1.71.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.75 million. During the same period in the previous year, the firm earned ($0.72) EPS. The business’s revenue was up 120.2% on a year-over-year basis. As a group, analysts anticipate that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Institutional Investors Weigh In On Verve Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Cornercap Investment Counsel Inc. increased its stake in Verve Therapeutics by 13.5% during the 2nd quarter. Cornercap Investment Counsel Inc. now owns 14,956 shares of the company’s stock worth $73,000 after buying an additional 1,778 shares during the period. Arizona State Retirement System increased its position in shares of Verve Therapeutics by 14.1% in the 2nd quarter. Arizona State Retirement System now owns 16,386 shares of the company’s stock valued at $80,000 after purchasing an additional 2,019 shares during the last quarter. Accredited Investors Inc. increased its position in shares of Verve Therapeutics by 16.3% in the 2nd quarter. Accredited Investors Inc. now owns 17,500 shares of the company’s stock valued at $85,000 after purchasing an additional 2,455 shares during the last quarter. FMR LLC increased its position in shares of Verve Therapeutics by 0.3% in the 3rd quarter. FMR LLC now owns 1,418,993 shares of the company’s stock valued at $6,868,000 after purchasing an additional 3,873 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Verve Therapeutics by 20.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,105 shares of the company’s stock valued at $137,000 after purchasing an additional 4,759 shares during the last quarter. 97.11% of the stock is 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.