Verve Therapeutics (NASDAQ:VERV) Hits New 52-Week High - What's Next?

Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock traded as high as $11.41 and last traded at $11.38, with a volume of 83353513 shares. The stock had previously closed at $6.27.

Analysts Set New Price Targets

VERV has been the topic of several research analyst reports. Royal Bank Of Canada dropped their target price on shares of Verve Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Wall Street Zen upgraded shares of Verve Therapeutics from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Jefferies Financial Group cut shares of Verve Therapeutics from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $28.00 to $11.00 in a research report on Wednesday. Lifesci Capital cut shares of Verve Therapeutics from a "strong-buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a research report on Wednesday. Finally, William Blair cut shares of Verve Therapeutics from a "strong-buy" rating to a "market perform" rating in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Verve Therapeutics has an average rating of "Hold" and an average price target of $14.75.

Verve Therapeutics Price Performance

The stock's 50-day moving average price is $5.49 and its 200-day moving average price is $5.93. The company has a market cap of $985.89 million, a P/E ratio of -5.24 and a beta of 1.67.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.36. Verve Therapeutics had a negative net margin of 303.64% and a negative return on equity of 35.81%. The business had revenue of $32.98 million during the quarter, compared to analysts' expectations of $7.13 million. As a group, analysts expect that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Verve Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC lifted its position in Verve Therapeutics by 126.2% during the first quarter. Acadian Asset Management LLC now owns 30,803 shares of the company's stock worth $140,000 after purchasing an additional 17,186 shares during the period. Woodline Partners LP acquired a new position in Verve Therapeutics during the first quarter worth about $12,648,000. Goldman Sachs Group Inc. raised its stake in Verve Therapeutics by 90.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,413,118 shares of the company's stock worth $6,458,000 after acquiring an additional 671,939 shares in the last quarter. AQR Capital Management LLC raised its stake in Verve Therapeutics by 1,028.7% during the first quarter. AQR Capital Management LLC now owns 373,207 shares of the company's stock worth $1,706,000 after acquiring an additional 340,143 shares in the last quarter. Finally, Alpine Global Management LLC acquired a new position in Verve Therapeutics during the first quarter worth about $57,000. 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.