Verve Therapeutics (NASDAQ:VERV) Stock Price Down 8.2% – What’s Next?

Verve Therapeutics, Inc. (NASDAQ:VERV) traded down 8.2% during mid-day trading on Tuesday . The company traded as low as $7.11 and last traded at $7.13. 189,596 shares were traded during mid-day trading, a decline of 89% from the average session volume of 1,739,860 shares. The stock had previously closed at $7.76.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Royal Bank of Canada dropped their price target on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Canaccord Genuity Group increased their target price on shares of Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright decreased their price target on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th.

Verve Therapeutics Stock Up 6.2 %

The business’s 50 day moving average is $6.13 and its 200-day moving average is $5.84.

Verve Therapeutics (NASDAQ:VERV) last posted its quarterly earnings data on Tuesday, November 5th. 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 35.23% and a negative net margin of 807.65%. The company had revenue of $6.87 million during the quarter, compared to analysts’ expectations of $2.75 million. During the same period in the prior year, the business earned ($0.72) earnings per share. Verve Therapeutics’s revenue for the quarter was up 120.2% compared to the same quarter last year. Equities analysts anticipate that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Institutional Trading of Verve Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC boosted its stake in Verve Therapeutics by 139.8% during the third quarter. Barclays PLC now owns 222,919 shares of the company’s stock worth $1,079,000 after buying an additional 129,944 shares in the last quarter. State Street Corp increased its stake in Verve Therapeutics by 27.0% in the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock valued at $20,586,000 after acquiring an additional 903,809 shares during the period. Braidwell LP bought a new position in Verve Therapeutics during the third quarter worth about $3,020,000. Charles Schwab Investment Management Inc. boosted its holdings in 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, XTX Topco Ltd bought a new stake in shares of Verve Therapeutics in the 3rd quarter valued at approximately $500,000. 97.11% of the stock is currently owned by institutional investors.

About Verve Therapeutics

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.