Verve Therapeutics (NASDAQ:VERV) Shares Gap Down After Analyst Downgrade

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) gapped down before the market opened on Tuesday after Royal Bank of Canada lowered their price target on the stock from $17.00 to $15.00. The stock had previously closed at $6.17, but opened at $5.86. Royal Bank of Canada currently has an outperform rating on the stock. Verve Therapeutics shares last traded at $5.93, with a volume of 651,003 shares changing hands.

Several other equities analysts have also commented on the stock. HC Wainwright increased their target price on shares of Verve Therapeutics from $14.00 to $15.00 and gave the company a “buy” rating in a report on Friday, February 28th. William Blair reissued an “outperform” rating on shares of Verve Therapeutics in a report on Friday, February 21st. Finally, Canaccord Genuity Group raised 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Verve Therapeutics presently has an average rating of “Buy” and a consensus target price of $25.50.

Institutional Investors Weigh In On Verve Therapeutics

A number of large investors have recently modified their holdings of VERV. Creative Planning bought a new stake in shares of Verve Therapeutics during the 3rd quarter valued at about $50,000. US Bancorp DE boosted its stake in shares of Verve Therapeutics by 1,631.7% during the 3rd quarter. US Bancorp DE now owns 18,806 shares of the company’s stock valued at $91,000 after purchasing an additional 17,720 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Verve Therapeutics by 78.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 53,524 shares of the company’s stock valued at $259,000 after purchasing an additional 23,565 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of Verve Therapeutics by 8.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 262,393 shares of the company’s stock valued at $1,270,000 after purchasing an additional 19,925 shares in the last quarter. Finally, Aigen Investment Management LP bought a new stake in shares of Verve Therapeutics during the 3rd quarter valued at about $74,000. Institutional investors own 97.11% of the company’s stock.

Verve Therapeutics Trading Up 7.0 %

The business’s 50 day moving average price is $6.93 and its two-hundred day moving average price is $6.05. The stock has a market cap of $554.55 million, a P/E ratio of -2.66 and a beta of 1.74.

Verve Therapeutics (NASDAQ:VERV) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.14. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. The company had revenue of $13.08 million during the quarter, compared to analysts’ expectations of $3.94 million. As a group, analysts expect that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

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.