Verve Therapeutics (NASDAQ:VERV) Stock Price Down 2.9%

Shares of Verve Therapeutics, Inc. (NASDAQ:VERV) were down 2.9% during mid-day trading on Wednesday . The company traded as low as $6.88 and last traded at $6.93. Approximately 245,710 shares changed hands during trading, a decline of 80% from the average daily volume of 1,229,620 shares. The stock had previously closed at $7.14.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. HC Wainwright began coverage on Verve Therapeutics in a research report on Monday, April 8th. They issued a “buy” rating and a $15.00 price target on the stock. Stifel Nicolaus lowered their target price on Verve Therapeutics from $56.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price target on shares of Verve Therapeutics in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Verve Therapeutics Stock Down 3.6 %

The firm has a 50-day moving average of $12.58 and a 200 day moving average of $12.48. The stock has a market capitalization of $575.31 million, a P/E ratio of -2.29 and a beta of 1.70.

Verve Therapeutics (NASDAQ:VERV) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.83) by $0.14. Verve Therapeutics had a negative net margin of 1,701.70% and a negative return on equity of 39.33%. The firm had revenue of $5.14 million during the quarter, compared to analyst estimates of $3.95 million. Analysts predict that Verve Therapeutics, Inc. will post -2.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. acquired a new stake in shares of Verve Therapeutics during the 4th quarter worth about $29,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Verve Therapeutics during the fourth quarter worth approximately $30,000. Quest Partners LLC bought a new position in shares of Verve Therapeutics in the fourth quarter valued at approximately $34,000. Amundi acquired a new position in shares of Verve Therapeutics in the 4th quarter worth approximately $45,000. Finally, Penserra Capital Management LLC bought a new stake in Verve Therapeutics during the 1st quarter worth approximately $46,000. 97.11% of the stock is currently owned by institutional investors and hedge funds.

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.