Verve Therapeutics (NASDAQ:VERV) Trading Down 7.8% After Earnings Miss

Verve Therapeutics, Inc. (NASDAQ:VERV – Get Rating)’s stock price traded down 7.8% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $15.94 and last traded at $16.29. 82,906 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 700,573 shares. The stock had previously closed at $17.66.

The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.07). The company had revenue of $1.40 million during the quarter, compared to analysts’ expectations of $1.00 million.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Verve Therapeutics in a report on Wednesday, February 1st. They set a “neutral” rating and a $21.00 price target on the stock. Canaccord Genuity Group began coverage on Verve Therapeutics in a report on Thursday, April 13th. They issued a “buy” rating and a $29.00 price objective for the company. Finally, William Blair reaffirmed an “outperform” rating on shares of Verve Therapeutics in a research report on Wednesday, March 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bioimpact Capital LLC bought a new stake in Verve Therapeutics during the 3rd quarter valued at $21,839,000. BVF Inc. IL acquired a new stake in Verve Therapeutics in the third quarter valued at approximately $22,328,000. ARK Investment Management LLC increased its stake in Verve Therapeutics by 28.6% during the 4th quarter. ARK Investment Management LLC now owns 4,365,830 shares of the company’s stock worth $84,479,000 after buying an additional 971,971 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Verve Therapeutics during the third quarter worth approximately $64,000. Finally, Penserra Capital Management LLC boosted its position in shares of Verve Therapeutics by 373.1% during the 3rd quarter. Penserra Capital Management LLC now owns 13,719 shares of the company’s stock valued at $471,000 after acquiring an additional 10,819 shares during the last quarter. Institutional investors own 98.52% of the company’s stock.

Verve Therapeutics Stock Performance

The firm’s 50 day moving average price is $15.81 and its two-hundred day moving average price is $19.81. The firm has a market cap of $1.03 billion, a PE ratio of -5.69 and a beta of 1.46.

About Verve Therapeutics

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Verve Therapeutics, Inc, a genetic medicines company, engages in developing gene editing medicines for patients to treat cardiovascular diseases. Its lead product candidate is VERVE-101, a single-course gene editing treatment that permanently turns off the PCSK9 gene in the liver. The company also engages in the development of ANGPTL3 program to permanently turn off the ANGPTL3 gene in the liver.