Verve Therapeutics (NASDAQ:VERV) Shares Gap Up – What’s Next?

Verve Therapeutics, Inc. (NASDAQ:VERV) gapped up prior to trading on Tuesday . The stock had previously closed at $7.52, but opened at $7.90. Verve Therapeutics shares last traded at $8.07, with a volume of 202,357 shares traded.

Wall Street Analyst Weigh In

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

Verve Therapeutics Price Performance

The firm has a 50-day moving average of $6.29 and a 200-day moving average of $5.83. The stock has a market cap of $666.27 million, a PE ratio of -3.19 and a beta of 1.74.

Verve Therapeutics (NASDAQ:VERV) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $2.75 million. During the same quarter in the previous year, the company earned ($0.72) EPS. The business’s quarterly revenue was up 120.2% compared to the same quarter last year. Equities analysts forecast that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of VERV. Barclays PLC lifted its position in Verve Therapeutics by 139.8% in the third quarter. Barclays PLC now owns 222,919 shares of the company’s stock worth $1,079,000 after buying an additional 129,944 shares during the last quarter. State Street Corp increased its stake in Verve Therapeutics by 27.0% in the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock worth $20,586,000 after purchasing an additional 903,809 shares during the period. Braidwell LP purchased a new stake in Verve Therapeutics in the third quarter worth $3,020,000. Charles Schwab Investment Management Inc. increased its stake in Verve Therapeutics by 28.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 572,173 shares of the company’s stock worth $2,769,000 after purchasing an additional 126,110 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Verve Therapeutics by 465.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 42,781 shares of the company’s stock worth $241,000 after purchasing an additional 35,214 shares during the period. 97.11% of the stock is currently 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.