Verve Therapeutics (NASDAQ:VERV) Shares Up 10.1% on Strong Earnings

Verve Therapeutics, Inc. (NASDAQ:VERV)’s share price was up 10.1% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $6.73 and last traded at $6.66. Approximately 492,787 shares traded hands during trading, a decline of 62% from the average daily volume of 1,300,799 shares. The stock had previously closed at $6.05.

The company reported ($0.59) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.11. Verve Therapeutics had a negative net margin of 933.08% and a negative return on equity of 35.20%. The business 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 firm posted ($0.72) earnings per share. The company’s quarterly revenue was up 120.2% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of analysts have commented on VERV shares. HC Wainwright lowered their price target on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday. Royal Bank of Canada decreased their price objective on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Canaccord Genuity Group raised their target price on Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $25.75.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of VERV. Nisa Investment Advisors LLC grew its position in shares of Verve Therapeutics by 908.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,714 shares of the company’s stock valued at $38,000 after acquiring an additional 6,949 shares during the period. Creative Planning purchased a new position in Verve Therapeutics during the third quarter worth approximately $50,000. PFG Investments LLC acquired a new stake in Verve Therapeutics in the third quarter valued at approximately $53,000. Daiwa Securities Group Inc. increased its position in shares of Verve Therapeutics by 89.8% in the second quarter. Daiwa Securities Group Inc. now owns 12,094 shares of the company’s stock valued at $59,000 after buying an additional 5,723 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. increased its position in shares of Verve Therapeutics by 13.5% in the second quarter. Cornercap Investment Counsel Inc. now owns 14,956 shares of the company’s stock valued at $73,000 after buying an additional 1,778 shares in the last quarter. Institutional investors and hedge funds own 97.11% of the company’s stock.

Verve Therapeutics Stock Performance

The firm has a market capitalization of $538.22 million, a price-to-earnings ratio of -2.61 and a beta of 1.75. The company has a 50 day moving average price of $5.48 and a two-hundred day moving average price of $5.69.

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.