Verve Therapeutics (NASDAQ:VERV) Stock Price Up 5.6% – Here’s Why

Verve Therapeutics, Inc. (NASDAQ:VERV) shares traded up 5.6% during mid-day trading on Wednesday . The stock traded as high as $7.47 and last traded at $7.66. 41,799 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,718,185 shares. The stock had previously closed at $7.25.

Analysts Set New Price Targets

VERV has been the subject of several recent analyst reports. Canaccord Genuity Group upped their price objective on 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 dropped their target price on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Finally, HC Wainwright decreased their price target 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 stock has a 50 day moving average price of $6.19 and a 200 day moving average price of $5.85.

Verve Therapeutics (NASDAQ:VERV) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.11. The firm had revenue of $6.87 million during the quarter, compared to analysts’ expectations of $2.75 million. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The company’s revenue was up 120.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.72) EPS. Sell-side analysts anticipate that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in Verve Therapeutics by 189.7% during the fourth quarter. GAMMA Investing LLC now owns 6,054 shares of the company’s stock worth $34,000 after purchasing an additional 3,964 shares during the period. Creative Planning acquired a new stake in shares of Verve Therapeutics during the 3rd quarter worth approximately $50,000. PFG Investments LLC bought a new stake in shares of Verve Therapeutics in the 3rd quarter valued at $53,000. Erste Asset Management GmbH acquired a new position in shares of Verve Therapeutics during the 3rd quarter valued at $56,000. Finally, Impact Partnership Wealth LLC bought a new position in Verve Therapeutics during the fourth quarter worth $70,000. 97.11% of the stock is owned by institutional investors and hedge funds.

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.