WAVE Life Sciences (NASDAQ:WVE) Shares Gap Up – What’s Next?

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $6.10, but opened at $6.41. WAVE Life Sciences shares last traded at $6.1120, with a volume of 93,246 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating on shares of WAVE Life Sciences in a research report on Monday, August 3rd. Truist Financial started 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 target for the company. Citigroup decreased their price objective on shares of WAVE Life Sciences from $24.00 to $19.00 and set a “buy” rating for the company in a report on Friday, July 31st. B. Riley Financial reduced 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, July 31st. Finally, Wedbush cut their price target on WAVE Life Sciences from $15.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.53.

WAVE Life Sciences Trading Down 16.8%

The company’s fifty day moving average is $5.91 and its 200 day moving average is $8.54. The company has a market capitalization of $995.10 million, a P/E ratio of -4.63 and a beta of -1.26.

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%. Equities research analysts predict that WAVE Life Sciences Ltd. will post -1.12 EPS for the current year.

Institutional Trading of WAVE Life Sciences

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