WAVE Life Sciences (NASDAQ:WVE) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of WAVE Life Sciences (NASDAQ:WVE) from a hold rating to a strong sell rating in a research note issued to investors on Saturday morning.

WVE has been the topic of a number of other reports. Truist Financial initiated coverage on WAVE Life Sciences in a research note on Wednesday, April 29th. They set a “buy” rating and a $15.00 price objective on the stock. Wells Fargo & Company upped their price target on WAVE Life Sciences from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, May 20th. Wedbush cut their price objective on shares of WAVE Life Sciences from $15.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday. B. Riley Financial decreased their target price on shares of WAVE Life Sciences from $31.00 to $22.00 and set a “buy” rating on the stock in a report on Friday. Finally, Zacks Research raised shares of WAVE Life Sciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.76.

WAVE Life Sciences Trading Up 4.2%

WVE opened at $5.74 on Friday. WAVE Life Sciences has a 12 month low of $5.02 and a 12 month high of $21.73. The company has a market cap of $1.13 billion, a PE ratio of -5.27 and a beta of -1.26. The company has a 50 day moving average of $5.96 and a 200 day moving average of $8.88.

WAVE Life Sciences (NASDAQ:WVE) last issued 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). The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $7.45 million. WAVE Life Sciences had a negative net margin of 309.73% and a negative return on equity of 50.36%. Research analysts forecast that WAVE Life Sciences will post -1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GSK plc purchased a new position in shares of WAVE Life Sciences during the fourth quarter worth approximately $310,177,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of WAVE Life Sciences by 20.0% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 15,016,500 shares of the company’s stock valued at $97,607,000 after purchasing an additional 2,500,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of WAVE Life Sciences by 83.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,407,372 shares of the company’s stock valued at $125,927,000 after purchasing an additional 3,362,880 shares during the last quarter. Darwin Global Management Ltd. bought a new position in shares of WAVE Life Sciences during the 4th quarter valued at $125,168,000. Finally, Federated Hermes Inc. raised its position in WAVE Life Sciences by 26.5% in the 4th 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 during the period. 89.73% of the stock is currently owned by hedge funds and other 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.