Verve Therapeutics (NASDAQ:VERV) Stock Price Up 6.2% – Here’s What Happened

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) rose 6.2% during trading on Friday . The company traded as high as $6.40 and last traded at $6.38. Approximately 98,868 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 565,341 shares. The stock had previously closed at $6.01.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on VERV shares. Royal Bank of Canada reduced their price target on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. HC Wainwright cut 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. Finally, Canaccord Genuity Group upped their price target 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.

Verve Therapeutics Stock Performance

The business’s fifty day moving average is $5.84 and its 200-day moving average is $5.70. The firm has a market cap of $528.30 million, a P/E ratio of -2.54 and a beta of 1.71.

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. Analysts predict that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Verve Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Braidwell LP acquired a new position in Verve Therapeutics in the third quarter valued at approximately $3,020,000. State Street Corp increased its stake in shares of Verve Therapeutics by 27.0% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Verve Therapeutics by 28.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 572,173 shares of the company’s stock valued at $2,769,000 after acquiring an additional 126,110 shares during the period. XTX Topco Ltd bought a new position in Verve Therapeutics during the third quarter worth $500,000. Finally, Algert Global LLC grew its holdings in Verve Therapeutics by 63.1% in the third quarter. Algert Global LLC now owns 224,216 shares of the company’s stock worth $1,085,000 after purchasing an additional 86,720 shares during the period. Institutional investors 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.