Verve Therapeutics (NASDAQ:VERV) Sets New 1-Year High - Here's Why

Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report) 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 trading hands. The stock had previously closed at $6.27.

Wall Street Analyst Weigh In

VERV has been the subject of several recent research reports. Jefferies Financial Group downgraded Verve Therapeutics from a "buy" rating to a "hold" rating and dropped their price target for the stock from $28.00 to $11.00 in a research report on Wednesday. Guggenheim lifted their price objective on Verve Therapeutics from $18.00 to $24.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. HC Wainwright downgraded Verve Therapeutics from a "buy" rating to a "neutral" rating and set a $13.50 price objective for the company. in a research report on Wednesday. Wall Street Zen raised Verve Therapeutics from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Lifesci Capital downgraded 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. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $14.75.

Verve Therapeutics Stock Down 2.3%

The stock has a 50 day simple moving average of $5.34 and a 200 day simple moving average of $5.90. The company 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 announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.71) by $0.36. Verve Therapeutics had a negative return on equity of 35.81% and a negative net margin of 303.64%. The business had revenue of $32.98 million for the quarter, compared to analysts' expectations of $7.13 million. As a group, equities research analysts expect that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Trading of Verve Therapeutics

Several large investors have recently added to or reduced their stakes in VERV. KFG Wealth Management LLC bought a new position in Verve Therapeutics during the 1st quarter valued at $46,000. IFP Advisors Inc lifted its holdings in shares of Verve Therapeutics by 823,700.0% in the fourth quarter. IFP Advisors Inc now owns 8,238 shares of the company's stock valued at $47,000 after purchasing an additional 8,237 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Verve Therapeutics in the first quarter valued at $47,000. E Fund Management Co. Ltd. purchased a new stake in shares of Verve Therapeutics in the first quarter valued at $48,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Verve Therapeutics in the fourth quarter valued at $50,000. 97.11% of the stock is currently owned by institutional investors and hedge funds.

Verve Therapeutics Company Profile

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.