Verve Therapeutics (NASDAQ:VERV) Trading Down 4.9% – Here’s Why

Verve Therapeutics, Inc. (NASDAQ:VERV) shares traded down 4.9% during trading on Monday . The company traded as low as $7.84 and last traded at $7.76. 241,410 shares traded hands during trading, a decline of 85% from the average session volume of 1,634,615 shares. The stock had previously closed at $8.16.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on VERV shares. HC Wainwright decreased their target price on Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Royal Bank of Canada dropped their target price on Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their target price on shares of Verve Therapeutics from $29.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, November 6th.

Verve Therapeutics Stock Performance

The stock’s 50 day moving average is $6.53 and its two-hundred day moving average is $5.87. The stock has a market capitalization of $680.67 million, a PE ratio of -3.27 and a beta of 1.74.

Institutional Investors Weigh In On Verve Therapeutics

Large investors have recently modified their holdings of the business. State Street Corp grew its position in shares of Verve Therapeutics by 27.0% in the third quarter. State Street Corp now owns 4,253,217 shares of the company’s stock valued at $20,586,000 after purchasing an additional 903,809 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position 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 worth $7,547,000 after purchasing an additional 653,578 shares during the last quarter. Braidwell LP acquired a new position in Verve Therapeutics in the 3rd quarter valued at about $3,020,000. Ikarian Capital LLC purchased a new stake in shares of Verve Therapeutics in the 3rd quarter valued at approximately $823,000. Finally, Acuta Capital Partners LLC acquired a new stake in shares of Verve Therapeutics during the 3rd quarter worth approximately $707,000. Hedge funds and other 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.