Verve Therapeutics (NASDAQ:VERV) Stock Price Down 11% – Here’s What Happened

Verve Therapeutics, Inc. (NASDAQ:VERV) fell 11% during mid-day trading on Monday . The company traded as low as $6.40 and last traded at $5.97. 64,484 shares were traded during trading, a decline of 96% from the average session volume of 1,520,709 shares. The stock had previously closed at $6.71.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VERV. HC Wainwright raised their price target on shares of Verve Therapeutics from $14.00 to $15.00 and gave the company a “buy” rating in a report on Friday, February 28th. William Blair reiterated an “outperform” rating on shares of Verve Therapeutics in a research note on Friday, February 21st. Finally, Royal Bank of Canada lowered their price objective on shares of Verve Therapeutics from $17.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Verve Therapeutics has a consensus rating of “Buy” and a consensus target price of $25.50.

Verve Therapeutics Price Performance

The stock has a market cap of $546.98 million, a P/E ratio of -2.50 and a beta of 1.77. The firm’s 50-day moving average price is $6.97 and its 200-day moving average price is $6.09.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.14. The firm had revenue of $13.08 million for the quarter, compared to analysts’ expectations of $3.94 million. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. Sell-side analysts expect that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of VERV. Creative Planning purchased a new position in shares of Verve Therapeutics in the third quarter valued at $50,000. US Bancorp DE grew its holdings in shares of Verve Therapeutics by 1,631.7% in the third quarter. US Bancorp DE now owns 18,806 shares of the company’s stock valued at $91,000 after purchasing an additional 17,720 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Verve Therapeutics by 8.2% in the third quarter. Los Angeles Capital Management LLC now owns 262,393 shares of the company’s stock valued at $1,270,000 after purchasing an additional 19,925 shares in the last quarter. Aigen Investment Management LP purchased a new position in shares of Verve Therapeutics in the third quarter valued at $74,000. Finally, Accredited Investors Inc. grew its holdings in shares of Verve Therapeutics by 14.3% in the third quarter. Accredited Investors Inc. now owns 20,000 shares of the company’s stock valued at $97,000 after purchasing an additional 2,500 shares in the last quarter. 97.11% of the stock is owned by hedge funds and other 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.