Verve Therapeutics (NASDAQ:VERV) Shares Gap Down - Here's Why

Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $6.32, but opened at $5.99. Verve Therapeutics shares last traded at $6.11, with a volume of 348,639 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Verve Therapeutics from $32.00 to $39.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. Guggenheim increased their price target on shares of Verve Therapeutics from $18.00 to $24.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. HC Wainwright upped their price objective on shares of Verve Therapeutics from $15.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, April 14th. William Blair restated an "outperform" rating on shares of Verve Therapeutics in a report on Friday, February 21st. Finally, Wall Street Zen raised Verve Therapeutics from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $25.75.

Verve Therapeutics Stock Performance

The stock has a market cap of $558.93 million, a price-to-earnings ratio of -2.55 and a beta of 1.67. The stock's 50-day simple moving average is $4.80 and its two-hundred day simple moving average is $5.80.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.35) EPS for the quarter, topping analysts' consensus estimates of ($0.71) by $0.36. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. The business had revenue of $32.98 million for the quarter, compared to analyst estimates of $7.13 million. As a group, research analysts predict that Verve Therapeutics, Inc. will post -2.49 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. ProShare Advisors LLC increased its position in Verve Therapeutics by 30.4% during the fourth quarter. ProShare Advisors LLC now owns 24,016 shares of the company's stock worth $135,000 after acquiring an additional 5,592 shares during the period. Norges Bank bought a new position in shares of Verve Therapeutics during the 4th quarter worth about $441,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Verve Therapeutics by 16.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 144,749 shares of the company's stock valued at $816,000 after buying an additional 20,483 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Verve Therapeutics by 25.0% during the fourth quarter. Wells Fargo & Company MN now owns 45,422 shares of the company's stock valued at $256,000 after buying an additional 9,083 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of Verve Therapeutics in the fourth quarter valued at about $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.