WAVE Life Sciences (NASDAQ:WVE) Trading Down 6.8% – Here’s What Happened

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s share price dropped 6.8% on Tuesday . The stock traded as low as $5.71 and last traded at $5.6550. Approximately 1,114,194 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 3,835,430 shares. The stock had previously closed at $6.07.

Analyst Ratings Changes

WVE has been the subject of a number of research reports. Truist Financial started coverage on shares of WAVE Life Sciences in a research note on Wednesday, April 29th. They set a “buy” rating and a $15.00 target price for the company. Wall Street Zen downgraded shares of WAVE Life Sciences from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 1st. UBS Group set a $13.00 price objective on WAVE Life Sciences in a report on Monday, August 3rd. Citigroup reduced their price objective on WAVE Life Sciences from $24.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Finally, Zacks Research upgraded WAVE Life Sciences from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.53.

WAVE Life Sciences Stock Up 3.1%

The stock has a market cap of $1.07 billion, a P/E ratio of -4.87 and a beta of -1.26. The firm’s 50-day moving average is $5.90 and its two-hundred day moving average is $8.48.

WAVE Life Sciences (NASDAQ:WVE) last posted its earnings results on Thursday, July 30th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). WAVE Life Sciences had a negative net margin of 309.73% and a negative return on equity of 50.36%. The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $7.45 million. Analysts anticipate that WAVE Life Sciences Ltd. will post -1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On WAVE Life Sciences

Several institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC increased its position in 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 buying an additional 2,086 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of WAVE Life Sciences by 645.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,243 shares of the company’s stock worth $38,000 after buying an additional 1,942 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of 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 acquiring an additional 9,284 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of 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 acquiring an additional 3,609 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new position in shares of WAVE Life Sciences during the 2nd quarter valued at about $80,000. Institutional investors and hedge funds 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.