Citigroup Lowers WAVE Life Sciences (NASDAQ:WVE) Price Target to $19.00

WAVE Life Sciences (NASDAQ:WVE) had its target price decreased by equities research analysts at Citigroup from $24.00 to $19.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 244.83% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Wall Street Zen raised shares of WAVE Life Sciences from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of WAVE Life Sciences in a report on Friday, July 17th. Zacks Research raised shares of WAVE Life Sciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Wedbush lowered their price target on shares of WAVE Life Sciences from $15.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Wells Fargo & Company upped their price objective on WAVE Life Sciences from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, WAVE Life Sciences currently has an average rating of “Moderate Buy” and an average price target of $23.88.

WAVE Life Sciences Stock Down 4.3%

WAVE Life Sciences stock traded down $0.25 during trading hours on Friday, hitting $5.51. 2,866,710 shares of the company traded hands, compared to its average volume of 3,901,495. WAVE Life Sciences has a 1-year low of $5.02 and a 1-year high of $21.73. The firm has a market cap of $1.06 billion, a P/E ratio of -5.20 and a beta of -1.29. The firm’s 50-day simple moving average is $5.99 and its two-hundred day simple moving average is $9.00.

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

Institutional Investors Weigh In On WAVE Life Sciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC grew its position in shares of WAVE Life Sciences by 6,729.0% in the 4th quarter. CWM LLC now owns 2,117 shares of the company’s stock valued at $36,000 after acquiring an additional 2,086 shares during the period. Smartleaf Asset Management LLC grew its holdings in WAVE Life Sciences by 645.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,243 shares of the company’s stock worth $38,000 after purchasing an additional 1,942 shares during the period. Russell Investments Group Ltd. increased its position in WAVE Life Sciences by 1,441.6% during the third quarter. Russell Investments Group Ltd. now owns 9,928 shares of the company’s stock worth $73,000 after buying an additional 9,284 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in WAVE Life Sciences by 44.8% in the second quarter. Tower Research Capital LLC TRC now owns 11,658 shares of the company’s stock valued at $76,000 after buying an additional 3,609 shares during the period. Finally, Prudential Financial Inc. acquired a new stake in WAVE Life Sciences during the 2nd quarter valued at $80,000. 89.73% of the stock is currently 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.