WAVE Life Sciences (NASDAQ:WVE) Trading Down 8.3% – What’s Next?

WAVE Life Sciences Ltd. (NASDAQ:WVE) fell 8.3% on Friday . The company traded as low as $5.89 and last traded at $5.7890. 506,431 shares were traded during trading, a decline of 88% from the average daily volume of 4,076,644 shares. The stock had previously closed at $6.31.

Analysts Set New Price Targets

A number of brokerages have issued reports on WVE. Citigroup cut their target price on WAVE Life Sciences from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, May 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of WAVE Life Sciences in a report on Monday, April 20th. Wells Fargo & Company raised their price objective on shares of WAVE Life Sciences from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. Mizuho lifted their target price on shares of WAVE Life Sciences from $22.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 25th. Finally, New Street Research set a $13.00 target price on shares of WAVE Life Sciences in a report on Thursday, June 11th. Fourteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.41.

WAVE Life Sciences Stock Down 1.0%

The company has a market cap of $1.20 billion, a price-to-earnings ratio of -5.90 and a beta of -1.29. The stock’s 50-day simple moving average is $6.27 and its 200 day simple moving average is $10.11.

WAVE Life Sciences (NASDAQ:WVE) last posted its earnings results on Wednesday, April 29th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.21. WAVE Life Sciences had a negative return on equity of 56.76% and a negative net margin of 255.70%.The firm had revenue of $38.25 million for the quarter, compared to analyst estimates of $8.45 million. On average, sell-side analysts expect that WAVE Life Sciences Ltd. will post -1.1 EPS for the current fiscal year.

Hedge Funds Weigh In On WAVE Life Sciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC increased its position in shares of WAVE Life Sciences by 6,729.0% during the fourth quarter. CWM LLC now owns 2,117 shares of the company’s stock worth $36,000 after acquiring an additional 2,086 shares during the period. Smartleaf Asset Management LLC grew its stake in WAVE Life Sciences by 645.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,243 shares of the company’s stock worth $38,000 after purchasing an additional 1,942 shares in the last quarter. Russell Investments Group Ltd. grew its stake in WAVE Life Sciences by 1,441.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 9,928 shares of the company’s stock worth $73,000 after purchasing an additional 9,284 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in WAVE Life Sciences by 44.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,658 shares of the company’s stock worth $76,000 after purchasing an additional 3,609 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in WAVE Life Sciences during the 2nd quarter worth about $80,000. Hedge funds and other institutional investors own 89.73% of the company’s stock.

WAVE Life Sciences Company Profile

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.