Verve Therapeutics (NASDAQ:VERV) Trading Down 6.7% – Here’s Why

Verve Therapeutics, Inc. (NASDAQ:VERV) shares fell 6.7% during trading on Wednesday . The stock traded as low as $8.00 and last traded at $7.91. 607,308 shares traded hands during trading, a decline of 61% from the average session volume of 1,568,531 shares. The stock had previously closed at $8.48.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on VERV shares. HC Wainwright cut 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. Royal Bank of Canada cut 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 upped their price target on Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Verve Therapeutics Stock Performance

The firm has a market capitalization of $683.21 million, a price-to-earnings ratio of -3.28 and a beta of 1.74. The business’s 50 day moving average is $6.70 and its 200-day moving average is $5.92.

Institutional Investors Weigh In On Verve Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. BVF Inc. IL lifted its position in shares of Verve Therapeutics by 962.2% during the 4th quarter. BVF Inc. IL now owns 6,904,050 shares of the company’s stock worth $38,939,000 after purchasing an additional 6,254,050 shares during the last quarter. State Street Corp increased its position in Verve Therapeutics by 27.0% in the 3rd quarter. State Street Corp now owns 4,253,217 shares of the company’s stock worth $20,586,000 after buying an additional 903,809 shares during the period. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Verve Therapeutics by 57.4% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 3,789,379 shares of the company’s stock worth $21,372,000 after buying an additional 1,382,176 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Verve Therapeutics by 18.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,848,071 shares of the company’s stock valued at $10,423,000 after acquiring an additional 288,678 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Verve Therapeutics by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 1,625,780 shares of the company’s stock worth $9,172,000 after acquiring an additional 25,093 shares during the last quarter. 97.11% of the stock is owned by institutional investors and hedge funds.

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.