Verve Therapeutics (NASDAQ:VERV) Price Target Raised to $32.00 at Canaccord Genuity Group

Verve Therapeutics (NASDAQ:VERV) had its price objective lifted by investment analysts at Canaccord Genuity Group from $29.00 to $32.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 400.78% from the company’s previous close.

VERV has been the topic of several other research reports. HC Wainwright cut their price target on shares of Verve Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada cut their price target on shares of Verve Therapeutics from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $25.75.

Verve Therapeutics Stock Up 0.2 %

Shares of VERV traded up $0.01 during mid-day trading on Wednesday, hitting $6.39. The company had a trading volume of 653,130 shares, compared to its average volume of 1,302,785. The business’s 50-day simple moving average is $5.47 and its 200-day simple moving average is $5.69. Verve Therapeutics has a 1-year low of $4.30 and a 1-year high of $20.12. The stock has a market cap of $540.72 million, a PE ratio of -2.48 and a beta of 1.75.

Verve Therapeutics (NASDAQ:VERV) last released its earnings results on Tuesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.09. Verve Therapeutics had a negative net margin of 933.08% and a negative return on equity of 35.20%. The business had revenue of $6.87 million for the quarter, compared to analysts’ expectations of $2.75 million. During the same period last year, the company earned ($0.72) earnings per share. The company’s quarterly revenue was up 120.2% on a year-over-year basis. On average, sell-side analysts expect that Verve Therapeutics will post -2.65 earnings per share for the current year.

Institutional Trading of Verve Therapeutics

A number of hedge funds have recently made changes to their positions in VERV. Vanguard Group Inc. raised its stake in shares of Verve Therapeutics by 15.7% during the first quarter. Vanguard Group Inc. now owns 6,331,312 shares of the company’s stock valued at $84,080,000 after purchasing an additional 859,382 shares during the period. Novo Holdings A S raised its stake in shares of Verve Therapeutics by 20.0% during the second quarter. Novo Holdings A S now owns 2,400,000 shares of the company’s stock valued at $11,712,000 after purchasing an additional 400,000 shares during the period. Cubist Systematic Strategies LLC raised its stake in shares of Verve Therapeutics by 245.5% during the second quarter. Cubist Systematic Strategies LLC now owns 395,699 shares of the company’s stock valued at $1,931,000 after purchasing an additional 281,173 shares during the period. Renaissance Technologies LLC increased its stake in shares of Verve Therapeutics by 138.1% in the second quarter. Renaissance Technologies LLC now owns 474,500 shares of the company’s stock worth $2,316,000 after buying an additional 275,173 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Verve Therapeutics in the second quarter worth $1,183,000. Hedge funds and other institutional investors own 97.11% of the company’s stock.

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.