Verve Therapeutics (NASDAQ:VERV) Shares Up 10.1% Following Better-Than-Expected Earnings

by · The Cerbat Gem

Verve Therapeutics, Inc. (NASDAQ:VERV – Get Free Report)’s stock price shot up 10.1% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $6.73 and last traded at $6.66. 492,787 shares were traded during trading, a decline of 62% from the average session volume of 1,300,799 shares. The stock had previously closed at $6.05.

The company reported ($0.59) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.11. Verve Therapeutics had a negative return on equity of 35.20% and a negative net margin of 933.08%. The company had revenue of $6.87 million during the quarter, compared to analyst estimates of $2.75 million. During the same period in the prior year, the company earned ($0.72) earnings per share. The firm’s revenue was up 120.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. HC Wainwright reduced their price target on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday. Royal Bank of Canada reduced their target price on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Canaccord Genuity Group upped their target price on shares of Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $25.75.

Get Our Latest Research Report on Verve Therapeutics

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its stake in Verve Therapeutics by 908.4% in the second 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 during the period. Creative Planning bought a new stake in shares of Verve Therapeutics in the 3rd quarter valued at about $50,000. PFG Investments LLC purchased a new stake in shares of Verve Therapeutics in the 3rd quarter worth approximately $53,000. Daiwa Securities Group Inc. lifted its position in shares of Verve Therapeutics by 89.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 12,094 shares of the company’s stock worth $59,000 after purchasing an additional 5,723 shares during the period. Finally, Cornercap Investment Counsel Inc. boosted its stake in shares of Verve Therapeutics by 13.5% during the second quarter. Cornercap Investment Counsel Inc. now owns 14,956 shares of the company’s stock valued at $73,000 after purchasing an additional 1,778 shares in the last quarter. 97.11% of the stock is currently owned by hedge funds and other institutional investors.

Verve Therapeutics Price Performance

The company has a market capitalization of $538.22 million, a PE ratio of -2.61 and a beta of 1.75. The company’s fifty day moving average is $5.48 and its 200-day moving average is $5.69.

Verve Therapeutics Company Profile

(Get Free Report)

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.

Featured Articles