WAVE Life Sciences (NASDAQ:WVE) Stock Gets Price Target Cut from Citigroup

WAVE Life Sciences (NASDAQ:WVE) had its price objective lowered by Citigroup from $19.00 to $15.00 in a research note published on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on WVE. Wall Street Zen raised WAVE Life Sciences from a “strong sell” rating to a “hold” rating in a report on Saturday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of WAVE Life Sciences in a research note on Thursday, October 15th. Wedbush set a $13.00 price target on WAVE Life Sciences in a report on Friday, October 2nd. Ladenburg Thalmann & Co. Inc. initiated coverage on WAVE Life Sciences in a report on Thursday, October 1st. They set a “buy” rating and a $10.00 price target for the company. Finally, Leerink Partners set a $10.00 price objective on WAVE Life Sciences in a research note on Tuesday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.44.

WAVE Life Sciences Stock Performance

WVE opened at $3.13 on Thursday. The stock has a market capitalization of $617.33 million, a price-to-earnings ratio of -2.93 and a beta of -1.40. The company has a fifty day moving average of $3.73 and a 200 day moving average of $6.97. WAVE Life Sciences has a fifty-two week low of $3.00 and a fifty-two week high of $21.73.

WAVE Life Sciences (NASDAQ:WVE) last announced its quarterly earnings results on Tuesday, October 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.03. The company had revenue of $13.16 million for the quarter, compared to the consensus estimate of $4.51 million. WAVE Life Sciences had a negative net margin of 296.86% and a negative return on equity of 44.66%. On average, equities research analysts forecast that WAVE Life Sciences will post -1.08 earnings per share for the current year.

Institutional Trading of WAVE Life Sciences

A number of large investors have recently made changes to their positions in WVE. Readystate Asset Management LP purchased a new stake in shares of WAVE Life Sciences in the second quarter valued at approximately $27,465,000. Marshall Wace LLP grew its stake in WAVE Life Sciences by 266.5% in the third quarter. Marshall Wace LLP now owns 3,663,275 shares of the company’s stock worth $13,554,000 after purchasing an additional 2,663,742 shares in the last quarter. Squarepoint Ops LLC increased its holdings in WAVE Life Sciences by 68.0% during the 2nd quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company’s stock worth $14,766,000 after purchasing an additional 1,029,052 shares during the period. Renaissance Technologies LLC increased its holdings in WAVE Life Sciences by 152.6% during the 1st quarter. Renaissance Technologies LLC now owns 597,220 shares of the company’s stock worth $4,330,000 after purchasing an additional 360,800 shares during the period. Finally, Alps Advisors Inc. increased its holdings in WAVE Life Sciences by 34.7% during the 3rd quarter. Alps Advisors Inc. now owns 261,053 shares of the company’s stock worth $966,000 after purchasing an additional 67,287 shares during the period. 89.73% of the stock is currently owned by institutional investors.

WAVE Life Sciences Company Profile

WAVE Life Sciences Ltd. is a biotechnology company developing RNA-based medicines for genetically defined diseases. Founded in 2012, the company is headquartered in Cambridge, Massachusetts, and uses its oligonucleotide chemistry and drug-design capabilities to develop treatments intended to alter or regulate gene expression. Its research includes antisense oligonucleotide therapies and RNA-editing approaches. Programs have targeted conditions such as Huntington’s disease and alpha-1 antitrypsin deficiency, with the latter exploring RNA editing to address a disease-causing genetic variant.