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

Verve Therapeutics, Inc. (NASDAQ:VERVGet Free Report) shares gapped down prior to trading 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 traded.

VERV has been the topic of a number of other research reports. William Blair reiterated an “outperform” rating on shares of Verve Therapeutics in a research report on Friday, February 21st. HC Wainwright boosted their price objective on shares of Verve Therapeutics from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 28th. 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. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $25.50.

Read Our Latest Report on Verve Therapeutics

Institutional Trading of Verve Therapeutics

Large investors have recently bought and sold shares of the company. Barclays PLC grew its stake in Verve Therapeutics by 139.8% in the third quarter. Barclays PLC now owns 222,919 shares of the company’s stock worth $1,079,000 after purchasing an additional 129,944 shares during the period. State Street Corp boosted its stake in Verve Therapeutics by 27.0% during the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock worth $20,586,000 after acquiring an additional 903,809 shares in the last quarter. Braidwell LP purchased a new stake in Verve Therapeutics in the third quarter worth about $3,020,000. Charles Schwab Investment Management Inc. increased its stake in shares of Verve Therapeutics by 28.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 572,173 shares of the company’s stock valued at $2,769,000 after purchasing an additional 126,110 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Verve Therapeutics by 465.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 42,781 shares of the company’s stock valued at $241,000 after purchasing an additional 35,214 shares during the last quarter. 97.11% of the stock is owned by institutional investors.

Verve Therapeutics Stock Performance

The stock has a market capitalization of $518.14 million, a P/E ratio of -2.49 and a beta of 1.74. The business has a 50-day moving average price of $6.92 and a 200 day moving average price of $6.04.

Verve Therapeutics (NASDAQ:VERVGet Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.58) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.14. The company had revenue of $13.08 million for the quarter, compared to the consensus estimate of $3.94 million. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. As a group, research analysts forecast that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Verve Therapeutics Company Profile

(Get Free Report)

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.

Further Reading

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