ARK Investment Management LLC has recently announced that it has increased stake in Verve Therapeutics Inc (NASDAQ:VERV) by 0.97%. After grabbing 5.2 million shares, the institutional investor is now in possession of 49716.0 shares of the Healthcare Company. The new investment brought the stake of investor firm to 8.16% having worth around $62.61 million. Moreover, The Vanguard Group, Inc. increased its share by 0.74 million to have a control over 4.76 million shares. And BlackRock Fund Advisors raised its holdings to 0.15 million shares by acquiring 3.55 million shares or 5.57% of the stake.
Verve Therapeutics Inc (VERV) concluded trading on 11/29/23 at a closing price of $11.20, with 4.88 million shares of worth about $54.62 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -27.65% during that period and on Wednesday the price saw a loss of about -6.12%. Currently the company’s common shares owned by public are about 61.73M shares, out of which, 43.37M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 10 analysts are covering the VERV stock and their offered price forecasts bring an average price target of $46.44. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $75.00 and could fall to a lowest price of $22.00. The stock’s current price level is 75.88% above of average price target set by the analysts, while a rise to estimated low would result in gain of 49.09% for the stock. However, touching the estimated high of $75.00 would mean a gain of 85.07% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 2 times over the past 12 months. They bought 36,000 shares in 1 of the transactions. In 1 selling transactions, insiders dumped 865 shares.
ARK Genomic Revolution ETF, ARK Innovation ETF, and SPDR S&P Biotech ETF are the top 3 mutual funds which are holding stakes in Verve Therapeutics Inc ARK Genomic Revolution ETF is currently holding 2.98 million shares of worth totaling $35.88 million. The company recently came selling 14448.0 shares which brought its stake up to 4.68% of the company’s outstanding shares. ARK Innovation ETF sold 7690.0 shares, after which its hold over company’s outstanding shares shrunk to 4.16%, leaving 2.65 million shares with the mutual fund that have a worth of about $31.93 million. SPDR S&P Biotech ETF, after buying 2.43 million shares, have now control over 3.81% of the stake in the company. It holds 14516.0 shares of worth $29.25 million.
Verve Therapeutics Inc (NASDAQ: VERV) started trading at $10.60, below -$1.33 from concluding price of the previous day. However, the stock later moved at a day high price of 12.00, or with a loss of -6.12%. Stock saw a price change of -2.10% in past 5 days and over the past one month there was a price change of 19.02%. Year-to-date (YTD), VERV shares are showing a performance of -42.12% which decreased to -48.72% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $8.22 but also hit the highest price of $24.69 during that period. The average intraday trading volume for Verve Therapeutics Inc shares is 1.42 million. The stock is currently trading -14.24% below its 20-day simple moving average (SMA20), while that difference is down -7.31% for SMA50 and it goes to -28.72% lower than SMA200.
ARK Investment Management LLC acquired 5.2 million shares of Verve Therapeutics Inc having value of about $62.61 million. Data submitted at the U.S SEC by ARK Investment Management LLC revealed that the firm now holds 49716.0 shares in the company valued at close to $556819.2, or have control over 0.97% stake in the company. Verve Therapeutics Inc (NASDAQ: VERV) currently have 61.73M outstanding shares and institutions hold larger chunk of about 75.11% of that. Holding of mutual funds in the company is about 27.04% while other institutional holders and individual stake holders have control over 48.13% and 19.57% of the stake respectively.
The stock has a current market capitalization of $714.00M and its 3Y-monthly beta is at 1.49. It has posted earnings per share of -$3.10 in the same period. It has Quick Ratio of 14.41 while making debt-to-equity ratio of 0.17. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for VERV, volatility over the week remained 8.24% while standing at 12.67% over the month.
Analysts are in expectations that Verve Therapeutics Inc (VERV) stock would likely to be making an EPS of -$0.83 in the current quarter, while forecast for next quarter EPS is -$0.86 and it is -$3.57 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.93 which is -$0.7 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.67 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -12.28% while it is estimated to decrease by -7.51% in next year.
Analysts at 10 brokerage firms have issued recommendations for the Verve Therapeutics Inc (VERV)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.40. Out of those 10 Wall Street analysts, 8 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Canaccord Genuity on April 13, 2023 offering a Buy rating for the stock and assigned a target price of $29 to it.
