WAVE Life Sciences (NASDAQ:WVE) Shares Pass Below 50 Day Moving Average – Here’s Why

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s share price crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $6.98 and traded as low as $5.76. WAVE Life Sciences shares last traded at $6.09, with a volume of 3,419,235 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wedbush lifted their price objective on WAVE Life Sciences from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of WAVE Life Sciences in a research note on Monday, April 20th. Truist Financial started coverage on WAVE Life Sciences in a research note on Wednesday, April 29th. They issued a “buy” rating and a $15.00 price objective on the stock. HC Wainwright cut their target price on WAVE Life Sciences from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Finally, Citigroup cut their target price on WAVE Life Sciences from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, May 4th. Fourteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

WAVE Life Sciences Stock Performance

The firm has a market capitalization of $1.17 billion, a PE ratio of -5.75 and a beta of -1.33. The company has a fifty day simple moving average of $6.98 and a two-hundred day simple moving average of $11.08.

WAVE Life Sciences (NASDAQ:WVE) last issued its quarterly earnings data on Wednesday, April 29th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.21. The firm had revenue of $38.25 million during the quarter, compared to analysts’ expectations of $8.45 million. WAVE Life Sciences had a negative return on equity of 56.76% and a negative net margin of 255.70%. On average, equities analysts anticipate that WAVE Life Sciences Ltd. will post -1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WVE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in WAVE Life Sciences by 9.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,349 shares of the company’s stock valued at $463,000 after buying an additional 4,957 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings 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 worth $4,506,000 after acquiring an additional 20,624 shares during the period. Rhumbline Advisers grew its holdings in WAVE Life Sciences by 22.5% during the second quarter. Rhumbline Advisers now owns 162,599 shares of the company’s stock worth $1,057,000 after acquiring an additional 29,899 shares during the period. Prudential Financial Inc. acquired a new stake in WAVE Life Sciences during the second quarter worth about $80,000. Finally, Norges Bank purchased a new position in WAVE Life Sciences during the second quarter worth approximately $650,000. 89.73% of the stock is owned by institutional investors and hedge funds.

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.