Verve Therapeutics (NASDAQ:VERV) Hits New 12-Month Low at $5.66

Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $5.66 and last traded at $5.99, with a volume of 537370 shares changing hands. The stock had previously closed at $5.98.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of Verve Therapeutics from $56.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, April 3rd. HC Wainwright reiterated a "buy" rating and set a $15.00 price objective on shares of Verve Therapeutics in a research note on Thursday, May 9th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $35.00 price objective on shares of Verve Therapeutics in a research note on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.00.

Verve Therapeutics Stock Performance

The firm has a market cap of $499.56 million, a price-to-earnings ratio of -2.07 and a beta of 1.94. The stock's 50 day simple moving average is $8.82 and its 200-day simple moving average is $11.66.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.70) by $0.11. Verve Therapeutics had a negative net margin of 1,226.51% and a negative return on equity of 37.35%. The business had revenue of $5.70 million for the quarter, compared to analyst estimates of $2.11 million. The company's revenue was up 305.6% compared to the same quarter last year. On average, analysts expect that Verve Therapeutics, Inc. will post -2.73 EPS for the current fiscal year.

Insider Activity

In other Verve Therapeutics news, insider Andrew D. Ashe acquired 76,000 shares of the company's stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average cost of $6.26 per share, with a total value of $475,760.00. Following the acquisition, the insider now directly owns 342,509 shares of the company's stock, valued at $2,144,106.34. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 19.30% of the company's stock.

Institutional Trading of Verve Therapeutics

Several large investors have recently made changes to their positions in VERV. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Verve Therapeutics by 5.6% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,479 shares of the company's stock worth $219,000 after buying an additional 871 shares in the last quarter. Nomura Holdings Inc. boosted its holdings in Verve Therapeutics by 5.0% during the fourth quarter. Nomura Holdings Inc. now owns 19,076 shares of the company's stock worth $266,000 after buying an additional 900 shares in the last quarter. Arizona State Retirement System boosted its holdings in Verve Therapeutics by 9.3% during the third quarter. Arizona State Retirement System now owns 12,343 shares of the company's stock worth $164,000 after buying an additional 1,054 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in Verve Therapeutics by 10.8% during the third quarter. Teacher Retirement System of Texas now owns 12,058 shares of the company's stock worth $160,000 after buying an additional 1,174 shares in the last quarter. Finally, E Fund Management Co. Ltd. boosted its holdings in Verve Therapeutics by 11.6% during the third quarter. E Fund Management Co. Ltd. now owns 14,397 shares of the company's stock worth $191,000 after buying an additional 1,499 shares in the last quarter. 97.11% of the stock is owned by hedge funds and other institutional investors.

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.