Verve Therapeutics (NASDAQ:VERV) Price Target Cut to $29.00

Verve Therapeutics (NASDAQ:VERV) had its price target reduced by equities research analysts at Canaccord Genuity Group from $30.00 to $29.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Several other equities analysts have also weighed in on VERV. Royal Bank of Canada cut their price target on Verve Therapeutics from $25.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of Verve Therapeutics in a research report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.17.

Verve Therapeutics Price Performance

NASDAQ:VERV opened at $4.54 on Monday. The company has a 50 day moving average price of $5.91 and a 200-day moving average price of $8.54. Verve Therapeutics has a 1-year low of $4.52 and a 1-year high of $20.12. The firm has a market cap of $384.17 million, a price-to-earnings ratio of -1.58 and a beta of 1.84.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.59) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.09. The company had revenue of $6.70 million for the quarter, compared to analyst estimates of $2.40 million. Verve Therapeutics had a negative net margin of 933.08% and a negative return on equity of 35.20%. The firm’s revenue was up 219.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.87) earnings per share. On average, sell-side analysts anticipate that Verve Therapeutics will post -2.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Verve Therapeutics

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Verve Therapeutics by 15.7% in the first quarter. Vanguard Group Inc. now owns 6,331,312 shares of the company’s stock worth $84,080,000 after acquiring an additional 859,382 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Verve Therapeutics by 57.2% in the 4th quarter. Federated Hermes Inc. now owns 3,980,372 shares of the company’s stock valued at $55,486,000 after purchasing an additional 1,448,003 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Verve Therapeutics by 8.1% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,592,198 shares of the company’s stock worth $34,347,000 after purchasing an additional 194,594 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Verve Therapeutics by 8.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,592,198 shares of the company’s stock worth $34,424,000 after buying an additional 194,594 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Verve Therapeutics by 138.1% during the second quarter. Renaissance Technologies LLC now owns 474,500 shares of the company’s stock worth $2,316,000 after buying an additional 275,173 shares in 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.