Verve Therapeutics (NASDAQ:VERV) Price Target Raised to $32.00 at Canaccord Genuity Group

Verve Therapeutics (NASDAQ:VERV) had its target price lifted by analysts at Canaccord Genuity Group from $29.00 to $32.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 400.78% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. HC Wainwright decreased their price objective on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada decreased their price objective on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Wednesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $25.75.

Verve Therapeutics Price Performance

Shares of NASDAQ:VERV traded up $0.01 during midday trading on Wednesday, reaching $6.39. The company had a trading volume of 653,130 shares, compared to its average volume of 1,302,785. The stock’s fifty day moving average price is $5.47 and its 200-day moving average price is $5.69. The stock has a market capitalization of $540.72 million, a P/E ratio of -2.48 and a beta of 1.75. Verve Therapeutics has a one year low of $4.30 and a one year high of $20.12.

Verve Therapeutics (NASDAQ:VERV) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.09. The business had revenue of $6.87 million during the quarter, compared to analyst estimates of $2.75 million. Verve Therapeutics had a negative net margin of 933.08% and a negative return on equity of 35.20%. The business’s revenue was up 120.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.72) earnings per share. As a group, sell-side analysts forecast that Verve Therapeutics will post -2.65 earnings per share for the current year.

Hedge Funds Weigh In On Verve Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of VERV. Vanguard Group Inc. boosted its holdings in shares of Verve Therapeutics by 15.7% during the first quarter. Vanguard Group Inc. now owns 6,331,312 shares of the company’s stock valued at $84,080,000 after acquiring an additional 859,382 shares during the period. Novo Holdings A S boosted its holdings in shares of Verve Therapeutics by 20.0% during the second quarter. Novo Holdings A S now owns 2,400,000 shares of the company’s stock valued at $11,712,000 after acquiring an additional 400,000 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in Verve Therapeutics by 245.5% in the second quarter. Cubist Systematic Strategies LLC now owns 395,699 shares of the company’s stock worth $1,931,000 after purchasing an additional 281,173 shares during the period. Renaissance Technologies LLC lifted its holdings in Verve Therapeutics by 138.1% in the second quarter. Renaissance Technologies LLC now owns 474,500 shares of the company’s stock worth $2,316,000 after purchasing an additional 275,173 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in Verve Therapeutics in the second quarter worth about $1,183,000. 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.