Verve Therapeutics (NASDAQ:VERV) Reaches New 1-Year Low at $6.05

Verve Therapeutics, Inc. (NASDAQ:VERV)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $6.05 and last traded at $6.22, with a volume of 247043 shares traded. The stock had previously closed at $6.58.

Wall Street Analysts Forecast Growth

VERV has been the subject of several research reports. HC Wainwright initiated coverage on shares of Verve Therapeutics in a research note on Monday, April 8th. They issued a “buy” rating and a $15.00 target price for the company. Stifel Nicolaus lowered their target price on shares of 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 target price on shares of Verve Therapeutics in a research report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Verve Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Verve Therapeutics Stock Performance

The firm has a fifty day moving average price of $11.64 and a 200 day moving average price of $12.16.

Verve Therapeutics (NASDAQ:VERV) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.95 million. On average, research analysts expect that Verve Therapeutics, Inc. will post -2.92 EPS for the current fiscal year.

Institutional Trading of Verve Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC lifted its holdings in Verve Therapeutics by 35.1% during the 4th quarter. ARK Investment Management LLC now owns 7,025,116 shares of the company’s stock worth $97,930,000 after buying an additional 1,824,549 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Verve Therapeutics by 57.2% during the fourth quarter. Federated Hermes Inc. now owns 3,980,372 shares of the company’s stock valued at $55,486,000 after acquiring an additional 1,448,003 shares during the period. Vanguard Group Inc. boosted its holdings in Verve Therapeutics by 18.1% in the third quarter. Vanguard Group Inc. now owns 4,832,968 shares of the company’s stock valued at $64,085,000 after acquiring an additional 741,753 shares during the last quarter. FMR LLC increased its position in Verve Therapeutics by 8.8% in the third quarter. FMR LLC now owns 6,577,562 shares of the company’s stock worth $87,218,000 after purchasing an additional 531,182 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Verve Therapeutics by 11.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,397,604 shares of the company’s stock worth $33,423,000 after purchasing an additional 250,361 shares during the last quarter. Institutional investors and hedge funds own 97.11% of the company’s stock.

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.