Verve Therapeutics (NASDAQ:VERV) Stock Price Down 2.9%

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price dropped 2.9% during trading on Wednesday . The stock traded as low as $6.88 and last traded at $6.93. Approximately 245,710 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,229,620 shares. The stock had previously closed at $7.14.

Analyst Ratings Changes

VERV has been the topic of several recent analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $35.00 target price on shares of Verve Therapeutics in a research note on Wednesday, February 28th. HC Wainwright initiated coverage on Verve Therapeutics in a report on Monday, April 8th. They issued a “buy” rating and a $15.00 price target for the company. Finally, Stifel Nicolaus cut their price target on Verve Therapeutics from $56.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, April 3rd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

Verve Therapeutics Stock Down 1.2 %

The firm has a market capitalization of $556.91 million, a P/E ratio of -2.13 and a beta of 1.70. The stock has a fifty day moving average of $12.40 and a 200-day moving average of $12.40.

Verve Therapeutics (NASDAQ:VERV) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.83) by $0.14. The firm had revenue of $5.14 million during the quarter, compared to analysts’ expectations of $3.95 million. Verve Therapeutics had a negative return on equity of 39.33% and a negative net margin of 1,701.70%. As a group, analysts forecast that Verve Therapeutics, Inc. will post -2.92 EPS for the current fiscal year.

Institutional Trading of Verve Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its holdings in Verve Therapeutics by 35.1% during the 4th quarter. ARK Investment Management LLC now owns 7,025,116 shares of the company’s stock worth $97,930,000 after purchasing an additional 1,824,549 shares during the last quarter. FMR LLC raised its holdings in Verve Therapeutics by 8.8% during the 3rd quarter. FMR LLC now owns 6,577,562 shares of the company’s stock worth $87,218,000 after purchasing an additional 531,182 shares during the last quarter. Vanguard Group Inc. raised its holdings in Verve Therapeutics by 13.2% during the 4th quarter. Vanguard Group Inc. now owns 5,471,930 shares of the company’s stock worth $76,279,000 after purchasing an additional 638,962 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Verve Therapeutics by 57.2% in the 4th quarter. Federated Hermes Inc. now owns 3,980,372 shares of the company’s stock valued at $55,486,000 after acquiring an additional 1,448,003 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Verve Therapeutics by 8.5% in the 2nd quarter. BlackRock Inc. now owns 3,846,703 shares of the company’s stock valued at $72,126,000 after acquiring an additional 300,218 shares during the last quarter. 97.11% of the stock is owned by 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.