Verve Therapeutics (NASDAQ:VERV) Stock Price Up 6.7% – Still a Buy?

Verve Therapeutics, Inc. (NASDAQ:VERV) traded up 6.7% during mid-day trading on Wednesday . The stock traded as high as $8.58 and last traded at $8.60. 392,140 shares traded hands during trading, a decline of 76% from the average session volume of 1,661,113 shares. The stock had previously closed at $8.06.

Analyst Upgrades and Downgrades

Several research analysts recently commented on VERV shares. Canaccord Genuity Group lifted their target price on shares of Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Royal Bank of Canada cut their price target on 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 dropped their target price on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th.

Verve Therapeutics Trading Up 7.6 %

The company has a market cap of $734.43 million, a price-to-earnings ratio of -3.52 and a beta of 1.74. The company has a fifty day moving average price of $6.34 and a two-hundred day moving average price of $5.84.

Verve Therapeutics (NASDAQ:VERV) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share for the quarter, topping 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 firm had revenue of $6.87 million for the quarter, compared to the consensus estimate of $2.75 million. During the same quarter in the previous year, the company earned ($0.72) earnings per share. The business’s revenue was up 120.2% compared to the same quarter last year. Sell-side analysts anticipate that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Verve Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp raised its stake in shares of Verve Therapeutics by 27.0% in the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock valued at $20,586,000 after acquiring an additional 903,809 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Verve Therapeutics by 72.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,559,393 shares of the company’s stock valued at $7,547,000 after purchasing an additional 653,578 shares during the last quarter. Braidwell LP acquired a new position in Verve Therapeutics in the third quarter worth $3,020,000. Ikarian Capital LLC bought a new stake in shares of Verve Therapeutics during the third quarter worth $823,000. Finally, Acuta Capital Partners LLC acquired a new stake in shares of Verve Therapeutics in the third quarter valued at $707,000. Institutional investors and hedge funds 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.