Verve Therapeutics (NASDAQ:VERV) Shares Gap Up – Here’s Why

Verve Therapeutics, Inc. (NASDAQ:VERV) gapped up before the market opened on Tuesday . The stock had previously closed at $6.27, but opened at $11.04. Verve Therapeutics shares last traded at $10.90, with a volume of 24,580,304 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in 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 dropped their target price on Verve Therapeutics from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. HC Wainwright boosted their target price on Verve Therapeutics from $15.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, April 14th. Wall Street Zen raised shares of Verve Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Finally, Guggenheim upped their target price on Verve Therapeutics from $18.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Verve Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $19.25.

Verve Therapeutics Trading Up 79.2%

The business’s 50 day moving average is $4.86 and its two-hundred day moving average is $5.80. The company has a market cap of $1.00 billion, a PE ratio of -4.56 and a beta of 1.67.

Verve Therapeutics (NASDAQ:VERV) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $32.98 million for the quarter, compared to analyst estimates of $7.13 million. As a group, equities research analysts predict that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC grew its holdings in Verve Therapeutics by 126.2% during the 1st quarter. Acadian Asset Management LLC now owns 30,803 shares of the company’s stock worth $140,000 after acquiring an additional 17,186 shares in the last quarter. Woodline Partners LP bought a new position in shares of Verve Therapeutics during the first quarter valued at approximately $12,648,000. Goldman Sachs Group Inc. raised its position in shares of Verve Therapeutics by 90.7% in the 1st 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 lifted its position in shares of Verve Therapeutics by 1,028.7% during the first quarter. AQR Capital Management LLC now owns 373,207 shares of the company’s stock valued at $1,706,000 after buying an additional 340,143 shares during the last quarter. Finally, Alpine Global Management LLC bought a new position in shares of Verve Therapeutics during the 1st quarter worth approximately $57,000. Institutional investors own 97.11% of the company’s stock.

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.