Verve Therapeutics (VERV) Soars 13.8%: Is Further Upside Left in the Stock?
Verve Therapeutics VERV shares rallied 13.8% in the last trading session to close at $12.99. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.1% loss over the past four weeks.
The surge in the stock price is likely to be an outcome of the positive momentum built around the company's gene editing pipeline. Verve announced that it will be presenting an interim data from its ongoing heart-1 phase Ib study of VERVE-101 for patients with high-risk heterozygous familial hypercholesterolemia at American Heart Association’s Scientific Sessions 2023, in November.
This biotechnology firm is expected to post quarterly loss of $0.91 per share in its upcoming report, which represents a year-over-year change of -15.2%. Revenues are expected to be $3.04 million, up 226.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Verve Therapeutics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on VERV going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Verve Therapeutics belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Scynexis SCYX, closed the last trading session 11.5% lower at $1.93. Over the past month, SCYX has returned -35.3%.
For Scynexis , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.29. This represents a change of +146.8% from what the company reported a year ago. Scynexis currently has a Zacks Rank of #3 (Hold).
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