Verve Therapeutics (NASDAQ:VERV) Rating Lowered to Hold at Canaccord Genuity Group

Verve Therapeutics (NASDAQ:VERV - Get Free Report) was downgraded by investment analysts at Canaccord Genuity Group from a "strong-buy" rating to a "hold" rating in a report released on Tuesday, MarketBeat.com reports. They presently have a $13.00 price objective on the stock, down from their prior price objective of $39.00. Canaccord Genuity Group's price target would suggest a potential upside of 16.91% from the company's current price.

Several other equities research analysts also recently commented on the stock. Cantor Fitzgerald upgraded shares of Verve Therapeutics from a "neutral" rating to an "overweight" rating in a research note on Tuesday, April 15th. Royal Bank Of Canada reduced their target price on shares of Verve Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. Wall Street Zen upgraded Verve Therapeutics from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. William Blair reaffirmed an "outperform" rating on shares of Verve Therapeutics in a research note on Friday, February 21st. Finally, Guggenheim raised their price target on Verve Therapeutics from $18.00 to $24.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Verve Therapeutics has a consensus rating of "Hold" and a consensus target price of $14.75.

Verve Therapeutics Stock Down 2.3%

Verve Therapeutics stock traded down $0.26 during mid-day trading on Tuesday, reaching $11.12. The company had a trading volume of 13,050,292 shares, compared to its average volume of 2,356,714. The company has a 50 day moving average of $5.18 and a 200-day moving average of $5.88. Verve Therapeutics has a 52 week low of $2.86 and a 52 week high of $11.41. The firm has a market cap of $991.24 million, a price-to-earnings ratio of -5.27 and a beta of 1.67.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($0.35) EPS for the quarter, beating analysts' consensus estimates of ($0.71) by $0.36. The business had revenue of $32.98 million during the quarter, compared to analyst estimates of $7.13 million. Verve Therapeutics had a negative return on equity of 35.81% and a negative net margin of 303.64%. On average, analysts predict that Verve Therapeutics will post -2.49 earnings per share for the current fiscal year.

Institutional Trading of Verve Therapeutics

A number of institutional investors have recently made changes to their positions in VERV. BVF Inc. IL increased its holdings in Verve Therapeutics by 962.2% during the fourth quarter. BVF Inc. IL now owns 6,904,050 shares of the company's stock worth $38,939,000 after buying an additional 6,254,050 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its holdings in Verve Therapeutics by 57.4% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 3,789,379 shares of the company's stock valued at $21,372,000 after purchasing an additional 1,382,176 shares during the period. Woodline Partners LP bought a new position in shares of Verve Therapeutics during the first quarter worth approximately $12,648,000. T. Rowe Price Investment Management Inc. increased its stake in Verve Therapeutics by 5.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,491,949 shares of the company's stock worth $11,389,000 after acquiring an additional 139,350 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its stake in Verve Therapeutics by 18.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,848,071 shares of the company's stock worth $10,423,000 after buying an additional 288,678 shares in the last quarter. Institutional investors 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.