Verve Therapeutics (NASDAQ:VERV) Shares Down 3.6%

Verve Therapeutics, Inc. (NASDAQ:VERVGet Free Report)’s stock price dropped 3.6% during mid-day trading on Friday . The stock traded as low as $6.11 and last traded at $6.15. Approximately 473,471 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 1,238,426 shares. The stock had previously closed at $6.38.

Analysts Set New Price Targets

VERV has been the subject of several research analyst reports. Stifel Nicolaus reduced their price objective on Verve Therapeutics from $56.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, April 3rd. HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of Verve Therapeutics in a research note on Thursday, May 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $35.00 price objective on shares of Verve Therapeutics in a research note on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Get Our Latest Stock Report on Verve Therapeutics

Verve Therapeutics Trading Down 6.3 %

The firm has a 50-day moving average of $8.99 and a two-hundred day moving average of $11.72.

Verve Therapeutics (NASDAQ:VERVGet Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.11. Verve Therapeutics had a negative return on equity of 37.35% and a negative net margin of 1,226.51%. The company had revenue of $5.70 million during the quarter, compared to analysts’ expectations of $2.11 million. The firm’s quarterly revenue was up 305.6% on a year-over-year basis. As a group, equities analysts predict that Verve Therapeutics, Inc. will post -2.73 EPS for the current year.

Insider Buying and Selling at Verve Therapeutics

In other Verve Therapeutics news, insider Andrew D. Ashe acquired 76,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $6.26 per share, with a total value of $475,760.00. Following the completion of the acquisition, the insider now owns 342,509 shares in the company, valued at $2,144,106.34. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Verve Therapeutics

A number of institutional investors have recently made changes to their positions in VERV. ARK Investment Management LLC boosted its stake in shares of Verve Therapeutics by 35.1% in the fourth quarter. ARK Investment Management LLC now owns 7,025,116 shares of the company’s stock worth $97,930,000 after acquiring an additional 1,824,549 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Verve Therapeutics by 57.2% in the fourth quarter. Federated Hermes Inc. now owns 3,980,372 shares of the company’s stock worth $55,486,000 after acquiring an additional 1,448,003 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Verve Therapeutics by 15.7% in the first quarter. Vanguard Group Inc. now owns 6,331,312 shares of the company’s stock worth $84,080,000 after acquiring an additional 859,382 shares during the last quarter. FMR LLC boosted its stake in shares of Verve Therapeutics by 8.8% in the third quarter. FMR LLC now owns 6,577,562 shares of the company’s stock worth $87,218,000 after acquiring an additional 531,182 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Verve Therapeutics by 11.7% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,397,604 shares of the company’s stock worth $33,423,000 after acquiring an additional 250,361 shares during the last quarter. 97.11% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading

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