WAVE Life Sciences (NASDAQ:WVE) Given New $19.00 Price Target at Citigroup

WAVE Life Sciences (NASDAQ:WVE) had its target price dropped by Citigroup from $24.00 to $19.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 244.83% from the stock’s current price.

Several other research analysts have also recently commented on the company. Wells Fargo & Company boosted their target price on WAVE Life Sciences from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 20th. Wedbush cut their target price on WAVE Life Sciences from $15.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday. B. Riley Financial decreased their price objective on WAVE Life Sciences from $31.00 to $22.00 and set a “buy” rating for the company in a report on Friday. Zacks Research raised WAVE Life Sciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, Canaccord Genuity Group reduced their price objective on shares of WAVE Life Sciences from $52.00 to $43.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. One investment 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.88.

WAVE Life Sciences Trading Down 4.3%

NASDAQ:WVE traded down $0.25 during trading hours on Friday, hitting $5.51. The company had a trading volume of 2,866,710 shares, compared to its average volume of 3,901,495. The company has a 50-day moving average of $5.99 and a 200 day moving average of $9.00. The company has a market cap of $1.06 billion, a P/E ratio of -5.20 and a beta of -1.29. WAVE Life Sciences has a 1 year low of $5.02 and a 1 year high of $21.73.

WAVE Life Sciences (NASDAQ:WVE) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.03). WAVE Life Sciences had a negative net margin of 255.70% and a negative return on equity of 56.76%. The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $6.53 million. On average, analysts forecast that WAVE Life Sciences will post -1.1 earnings per share for the current year.

Hedge Funds Weigh In On WAVE Life Sciences

A number of institutional investors have recently modified their holdings of WVE. GSK plc acquired a new position in WAVE Life Sciences in the fourth quarter valued at $310,177,000. Darwin Global Management Ltd. acquired a new stake in shares of WAVE Life Sciences in the 4th quarter valued at about $125,168,000. Price T Rowe Associates Inc. MD lifted its holdings in 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 worth $125,927,000 after buying an additional 3,362,880 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings 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 buying an additional 2,500,000 shares during the period. Finally, Primecap Management Co. CA boosted its position in 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 purchasing an additional 2,196,632 shares during the period. 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.