Royal Bank of Canada Issues Pessimistic Forecast for Verve Therapeutics (NASDAQ:VERV) Stock Price

Verve Therapeutics (NASDAQ:VERV) had its price objective dropped by investment analysts at Royal Bank of Canada from $17.00 to $15.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 160.87% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. Canaccord Genuity Group boosted their target price on shares of Verve Therapeutics from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. William Blair reiterated an “outperform” rating on shares of Verve Therapeutics in a report on Friday, February 21st. Finally, HC Wainwright upped their price objective on shares of Verve Therapeutics from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Friday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $25.50.

Verve Therapeutics Trading Down 6.8 %

NASDAQ:VERV traded down $0.42 during mid-day trading on Tuesday, hitting $5.75. The company had a trading volume of 335,309 shares, compared to its average volume of 1,523,082. The business has a fifty day simple moving average of $6.91 and a 200-day simple moving average of $6.03. The firm has a market capitalization of $486.82 million, a price-to-earnings ratio of -2.35 and a beta of 1.74. Verve Therapeutics has a 1 year low of $4.30 and a 1 year high of $16.05.

Verve Therapeutics (NASDAQ:VERV) last announced its earnings results on Thursday, February 27th. The company reported ($0.58) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.14. The business had revenue of $13.08 million for the quarter, compared to the consensus estimate of $3.94 million. Verve Therapeutics had a negative return on equity of 35.23% and a negative net margin of 807.65%. As a group, research analysts anticipate that Verve Therapeutics will post -2.49 earnings per share for the current year.

Institutional Trading of Verve Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BVF Inc. IL grew its position in shares of Verve Therapeutics by 962.2% in the 4th quarter. BVF Inc. IL now owns 6,904,050 shares of the company’s stock worth $38,939,000 after acquiring an additional 6,254,050 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Verve Therapeutics during the fourth quarter worth $7,863,000. Schonfeld Strategic Advisors LLC lifted its stake in Verve Therapeutics by 57.4% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 3,789,379 shares of the company’s stock worth $21,372,000 after purchasing an additional 1,382,176 shares during the last quarter. State Street Corp boosted its holdings in Verve Therapeutics by 27.0% in the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock worth $20,586,000 after purchasing an additional 903,809 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in Verve Therapeutics by 72.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,559,393 shares of the company’s stock valued at $7,547,000 after purchasing an additional 653,578 shares during the last quarter. 97.11% of the stock is owned by institutional investors.

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.