Wells Fargo & Company Has Lowered Expectations for WAVE Life Sciences (NASDAQ:WVE) Stock Price

WAVE Life Sciences (NASDAQ:WVE) had its target price dropped by stock analysts at Wells Fargo & Company from $29.00 to $27.00 in a report issued on Thursday, Marketbeat.com reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 112.93% from the company’s current price.

Several other research firms have also recently issued reports on WVE. Wall Street Zen cut WAVE Life Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Royal Bank Of Canada raised WAVE Life Sciences from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $9.00 to $27.00 in a report on Monday, December 8th. Bank of America started coverage on WAVE Life Sciences in a research report on Thursday, February 5th. They set a “buy” rating and a $38.00 price objective on the stock. B. Riley Financial boosted their target price on WAVE Life Sciences from $19.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Oppenheimer upped their target price on shares of WAVE Life Sciences from $24.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, December 16th. Fourteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, WAVE Life Sciences currently has a consensus rating of “Moderate Buy” and an average price target of $32.56.

WAVE Life Sciences Stock Performance

Shares of WAVE Life Sciences stock opened at $12.68 on Thursday. The company has a 50-day simple moving average of $15.20 and a two-hundred day simple moving average of $10.43. The stock has a market capitalization of $2.12 billion, a PE ratio of -16.91 and a beta of -1.78. WAVE Life Sciences has a 52-week low of $5.28 and a 52-week high of $21.73.

Insider Buying and Selling at WAVE Life Sciences

In related news, insider Chris Francis sold 1,883 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $13.45, for a total value of $25,326.35. Following the transaction, the insider owned 61,867 shares of the company’s stock, valued at approximately $832,111.15. This trade represents a 2.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Plc Gsk bought 1,470,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were acquired at an average price of $19.00 per share, with a total value of $27,930,000.00. Following the completion of the transaction, the insider directly owned 18,245,691 shares of the company’s stock, valued at $346,668,129. This trade represents a 8.76% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders sold 915,181 shares of company stock worth $13,612,581. 23.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. GSK plc bought a new stake in WAVE Life Sciences during the 4th quarter worth approximately $310,177,000. Adage Capital Partners GP L.L.C. increased its stake in shares of WAVE Life Sciences by 20.0% in the second quarter. Adage Capital Partners GP L.L.C. now owns 15,016,500 shares of the company’s stock worth $97,607,000 after purchasing an additional 2,500,000 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of WAVE Life Sciences by 26.5% in the fourth quarter. Federated Hermes Inc. now owns 4,744,520 shares of the company’s stock worth $80,657,000 after purchasing an additional 993,827 shares in the last quarter. 683 Capital Management LLC raised its position in shares of WAVE Life Sciences by 4.5% during the 2nd quarter. 683 Capital Management LLC now owns 4,100,000 shares of the company’s stock valued at $26,650,000 after purchasing an additional 175,000 shares during the period. Finally, Primecap Management Co. CA lifted its stake in shares of WAVE Life Sciences by 115.7% during the 4th quarter. Primecap Management Co. CA now owns 4,095,282 shares of the company’s stock valued at $69,620,000 after buying an additional 2,196,632 shares in the last quarter. 89.73% of the stock is currently owned by institutional investors.

About WAVE Life Sciences

WAVE Life Sciences is a clinical-stage genetic medicines company focused on the discovery and development of stereopure oligonucleotide therapies designed to address serious diseases with high unmet medical need. Leveraging proprietary chemistry and precision synthesis, WAVE engineers drug candidates with defined stereochemistry to optimize potency, safety and manufacturability. This approach aims to enhance target specificity and improve therapeutic profiles compared with traditional oligonucleotide medicines.

The company’s pipeline includes programs in neuromuscular disorders such as Duchenne muscular dystrophy and neurodegenerative conditions including Huntington’s disease, as well as early-stage cardiovascular and liver indications.