Verve Therapeutics (NASDAQ:VERV) Trading Up 10.1% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV)’s share price rose 10.1% during mid-day trading on Tuesday . The company traded as high as $6.73 and last traded at $6.66. Approximately 492,787 shares changed hands during trading, a decline of 62% from the average daily volume of 1,300,799 shares. The stock had previously closed at $6.05.

Analyst Ratings Changes

VERV has been the topic of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $15.00 target price on shares of Verve Therapeutics in a research report on Monday, August 12th. Canaccord Genuity Group dropped their target price on shares of Verve Therapeutics from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, Royal Bank of Canada dropped their target price on shares of Verve Therapeutics from $25.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $26.00.

Verve Therapeutics Price Performance

The company’s fifty day simple moving average is $5.45 and its two-hundred day simple moving average is $5.69. The stock has a market cap of $535.64 million, a price-to-earnings ratio of -2.44 and a beta of 1.75.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.59) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.09. Verve Therapeutics had a negative net margin of 933.08% and a negative return on equity of 35.20%. The firm had revenue of $6.70 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the prior year, the company posted ($0.87) earnings per share. The business’s revenue was up 219.0% on a year-over-year basis. On average, analysts forecast that Verve Therapeutics, Inc. will post -2.65 earnings per share for the current year.

Institutional Trading of Verve Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in VERV. PNC Financial Services Group Inc. purchased a new stake in shares of Verve Therapeutics in the fourth quarter valued at about $29,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Verve Therapeutics by 8.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,592,198 shares of the company’s stock valued at $34,424,000 after purchasing an additional 194,594 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Verve Therapeutics by 52.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 171,795 shares of the company’s stock valued at $2,449,000 after purchasing an additional 59,034 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Verve Therapeutics during the first quarter valued at about $191,000. Finally, ProShare Advisors LLC grew its position in Verve Therapeutics by 31.0% during the first quarter. ProShare Advisors LLC now owns 17,696 shares of the company’s stock valued at $235,000 after buying an additional 4,184 shares during the period. Hedge funds and other institutional investors 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.