Verve Therapeutics (NASDAQ:VERV) Shares Gap Down to $12.79

Verve Therapeutics, Inc. (NASDAQ:VERVGet Free Report)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $12.79, but opened at $8.67. Verve Therapeutics shares last traded at $8.82, with a volume of 1,567,571 shares traded.

Wall Street Analysts Forecast Growth

VERV has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price target on shares of Verve Therapeutics in a report on Wednesday, February 28th. Stifel Nicolaus dropped their price target on Verve Therapeutics from $56.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Read Our Latest Stock Analysis on VERV

Verve Therapeutics Price Performance

The stock has a market capitalization of $728.32 million, a P/E ratio of -2.79 and a beta of 1.70. The company has a 50 day simple moving average of $13.17 and a 200-day simple moving average of $12.76.

Verve Therapeutics (NASDAQ:VERVGet Free Report) last issued its earnings results on Tuesday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.83) by $0.14. Verve Therapeutics had a negative return on equity of 39.33% and a negative net margin of 1,701.70%. The firm had revenue of $5.14 million for the quarter, compared to analyst estimates of $3.95 million. As a group, equities analysts forecast that Verve Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Institutional Trading of Verve Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in VERV. State Street Corp raised its stake in shares of Verve Therapeutics by 362.6% during the 3rd quarter. State Street Corp now owns 2,799,834 shares of the company’s stock valued at $96,174,000 after purchasing an additional 2,194,551 shares during the period. Novo Holdings A S bought a new stake in shares of Verve Therapeutics during the 4th quarter valued at $27,880,000. ARK Investment Management LLC raised its stake in shares of Verve Therapeutics by 35.1% during the 4th quarter. ARK Investment Management LLC now owns 7,025,116 shares of the company’s stock valued at $97,930,000 after purchasing an additional 1,824,549 shares during the period. Federated Hermes Inc. grew its position in Verve Therapeutics by 57.2% during the fourth quarter. Federated Hermes Inc. now owns 3,980,372 shares of the company’s stock worth $55,486,000 after buying an additional 1,448,003 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Verve Therapeutics by 56.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,658,812 shares of the company’s stock worth $125,680,000 after acquiring an additional 1,316,619 shares during the last quarter. 97.11% of the stock is currently owned by institutional investors.

About Verve Therapeutics

(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.

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