Verve Therapeutics (NASDAQ:VERV) Stock Price Down 5.9% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV) dropped 5.9% during trading on Friday . The company traded as low as $5.92 and last traded at $5.93. Approximately 317,595 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,363,561 shares. The stock had previously closed at $6.30.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on VERV shares. HC Wainwright lowered their price objective on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Royal Bank of Canada lowered their price target 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, Canaccord Genuity Group upped their price objective on shares of Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th.

Verve Therapeutics Stock Performance

The business has a 50 day moving average price of $5.83 and a 200-day moving average price of $5.68. The company has a market capitalization of $509.68 million, a price-to-earnings ratio of -2.45 and a beta of 1.71.

Verve Therapeutics (NASDAQ:VERV) last issued 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 for the quarter, compared to analyst estimates of $2.75 million. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. The company’s revenue was up 120.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.72) earnings per share. As a group, equities analysts predict that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Planning acquired a new position in shares of Verve Therapeutics during the third quarter valued at about $50,000. PFG Investments LLC bought a new stake in Verve Therapeutics in the 3rd quarter valued at about $53,000. Erste Asset Management GmbH acquired a new position in Verve Therapeutics during the 3rd quarter worth approximately $56,000. Daiwa Securities Group Inc. boosted its holdings in Verve Therapeutics by 89.8% in the second quarter. Daiwa Securities Group Inc. now owns 12,094 shares of the company’s stock worth $59,000 after acquiring an additional 5,723 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. grew its stake in Verve Therapeutics by 13.5% in the second quarter. Cornercap Investment Counsel Inc. now owns 14,956 shares of the company’s stock valued at $73,000 after acquiring an additional 1,778 shares during the period. 97.11% of the stock is 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.