Verve Therapeutics (NASDAQ:VERV) PT Lowered to $29.00 at Canaccord Genuity Group

Verve Therapeutics (NASDAQ:VERV) had its price objective cut by Canaccord Genuity Group from $30.00 to $29.00 in a report released on Monday, Benzinga reports. They currently have a buy rating on the stock.

VERV has been the subject of a number of other reports. HC Wainwright reissued a buy rating and issued a $15.00 price target on shares of Verve Therapeutics in a report on Thursday, May 9th. Royal Bank of Canada cut their price objective on shares of Verve Therapeutics from $25.00 to $20.00 and set an outperform rating for the company in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $30.17.

Verve Therapeutics Price Performance

Verve Therapeutics stock opened at $4.40 on Monday. Verve Therapeutics has a fifty-two week low of $4.30 and a fifty-two week high of $20.12. The firm has a fifty day moving average price of $5.89 and a two-hundred day moving average price of $8.51. The firm has a market cap of $369.45 million, a price-to-earnings ratio of -1.53 and a beta of 1.84.

Verve Therapeutics (NASDAQ:VERV) last announced its earnings results on Thursday, August 8th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.09. The firm had revenue of $6.70 million during the quarter, compared to the consensus estimate of $2.40 million. Verve Therapeutics had a negative return on equity of 35.20% and a negative net margin of 933.08%. The firm’s revenue for the quarter was up 219.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.87) EPS. As a group, sell-side analysts expect that Verve Therapeutics will post -2.73 earnings per share for the current year.

Hedge Funds Weigh In On Verve Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VERV. Arizona State Retirement System raised its position in Verve Therapeutics by 24.4% in the 4th quarter. Arizona State Retirement System now owns 15,360 shares of the company’s stock valued at $214,000 after purchasing an additional 3,017 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Verve Therapeutics in the 4th quarter valued at about $97,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in Verve Therapeutics by 11.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,397,604 shares of the company’s stock valued at $33,423,000 after acquiring an additional 250,361 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Verve Therapeutics in the fourth quarter worth about $170,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Verve Therapeutics by 80.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,861 shares of the company’s stock worth $179,000 after purchasing an additional 5,746 shares in the last quarter. 97.11% of the stock is currently owned by institutional investors and hedge funds.

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.