HC Wainwright Cuts WAVE Life Sciences (NASDAQ:WVE) Price Target to $13.00

WAVE Life Sciences (NASDAQ:WVE) had its target price reduced by stock analysts at HC Wainwright from $18.00 to $13.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 103.13% from the company’s previous close.

Several other equities research analysts also recently commented on WVE. Canaccord Genuity Group reduced their price objective on WAVE Life Sciences from $52.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Citigroup dropped their price target on shares of WAVE Life Sciences from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, May 4th. Wall Street Zen upgraded shares of WAVE Life Sciences from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Wedbush boosted their price objective on shares of WAVE Life Sciences from $33.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Finally, Truist Financial began coverage on shares of WAVE Life Sciences in a research report on Wednesday, April 29th. They set a “buy” rating and a $15.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.19.

WAVE Life Sciences Trading Down 5.5%

WVE stock opened at $6.40 on Tuesday. The stock’s 50 day simple moving average is $8.65 and its 200 day simple moving average is $11.22. WAVE Life Sciences has a 12-month low of $5.02 and a 12-month high of $21.73. The stock has a market capitalization of $1.23 billion, a PE ratio of -6.04 and a beta of -1.32.

WAVE Life Sciences (NASDAQ:WVE) last posted its earnings results on Wednesday, April 29th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.21. The business had revenue of $38.25 million during the quarter, compared to analyst estimates of $8.45 million. WAVE Life Sciences had a negative return on equity of 56.76% and a negative net margin of 255.70%. On average, research analysts predict that WAVE Life Sciences will post -1.16 earnings per share for the current year.

Insider Transactions at WAVE Life Sciences

In other WAVE Life Sciences news, insider Chris Francis sold 33,194 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $15.05, for a total value of $499,569.70. Following the transaction, the insider directly owned 61,867 shares of the company’s stock, valued at approximately $931,098.35. This trade represents a 34.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On WAVE Life Sciences

Several institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in WAVE Life Sciences by 9.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,349 shares of the company’s stock valued at $463,000 after buying an additional 4,957 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of WAVE Life Sciences by 3.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 557,644 shares of the company’s stock worth $4,506,000 after acquiring an additional 20,624 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of WAVE Life Sciences by 22.5% during the 2nd quarter. Rhumbline Advisers now owns 162,599 shares of the company’s stock worth $1,057,000 after acquiring an additional 29,899 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of WAVE Life Sciences during the 2nd quarter valued at $80,000. Finally, Norges Bank bought a new stake in shares of WAVE Life Sciences during the 2nd quarter valued at $650,000. Institutional investors own 89.73% of the company’s stock.

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.