Royal Bank of Canada Issues Pessimistic Forecast for Verve Therapeutics (NASDAQ:VERV) Stock Price

Verve Therapeutics (NASDAQ:VERV) had its price target trimmed by Royal Bank of Canada from $20.00 to $17.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts also recently weighed in on VERV. Canaccord Genuity Group reduced their target price on shares of Verve Therapeutics from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. HC Wainwright reduced their target price on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $25.75.

Verve Therapeutics Stock Up 0.5 %

Verve Therapeutics stock opened at $6.41 on Wednesday. The company has a market cap of $542.41 million, a price-to-earnings ratio of -2.47 and a beta of 1.75. The firm’s fifty day moving average is $5.47 and its 200 day moving average is $5.69. Verve Therapeutics has a 52-week low of $4.30 and a 52-week high of $20.12.

Verve Therapeutics (NASDAQ:VERV) last announced its earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.09. Verve Therapeutics had a negative net margin of 933.08% and a negative return on equity of 35.20%. The business had revenue of $6.87 million for the quarter, compared to the consensus estimate of $2.75 million. During the same quarter in the prior year, the firm posted ($0.72) earnings per share. The business’s revenue for the quarter was up 120.2% on a year-over-year basis. On average, equities research analysts anticipate that Verve Therapeutics will post -2.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its holdings in Verve Therapeutics by 908.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,714 shares of the company’s stock worth $38,000 after acquiring an additional 6,949 shares in the last quarter. Creative Planning bought a new position in Verve Therapeutics during the 3rd quarter worth about $50,000. PFG Investments LLC bought a new position in Verve Therapeutics during the 3rd quarter worth about $53,000. Daiwa Securities Group Inc. grew its holdings in Verve Therapeutics by 89.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 12,094 shares of the company’s stock worth $59,000 after acquiring an additional 5,723 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Verve Therapeutics during the 1st quarter worth about $191,000. 97.11% of the stock is currently owned by institutional investors.

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.