Brokerages Set WAVE Life Sciences Ltd. (NASDAQ:WVE) PT at $22.53

WAVE Life Sciences Ltd. (NASDAQ:WVE) has earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, fourteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $22.5294.

WVE has been the topic of several analyst reports. New Street Research set a $13.00 target price on shares of WAVE Life Sciences in a report on Thursday, June 11th. Wells Fargo & Company upped their price target on WAVE Life Sciences from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. HC Wainwright reaffirmed a “buy” rating on shares of WAVE Life Sciences in a research note on Monday, August 3rd. UBS Group set a $13.00 price objective on shares of WAVE Life Sciences in a report on Monday, August 3rd. Finally, Citigroup cut their price objective on shares of WAVE Life Sciences from $24.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, July 31st.

WAVE Life Sciences Stock Up 3.8%

WAVE Life Sciences stock opened at $5.24 on Monday. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -4.81 and a beta of -1.26. WAVE Life Sciences has a 12 month low of $5.01 and a 12 month high of $21.73. The business has a 50 day moving average price of $5.90 and a two-hundred day moving average price of $8.48.

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 company had revenue of $2.27 million during the quarter, compared to analyst estimates of $7.45 million. WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%. On average, analysts expect that WAVE Life Sciences will post -1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On WAVE Life Sciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GSK plc bought a new position in WAVE Life Sciences in the 4th quarter valued at about $310,177,000. Darwin Global Management Ltd. bought a new position in WAVE Life Sciences in the fourth quarter valued at approximately $125,168,000. Price T Rowe Associates Inc. MD raised its position in WAVE Life Sciences by 83.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,407,372 shares of the company’s stock valued at $125,927,000 after purchasing an additional 3,362,880 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in WAVE Life Sciences by 20.0% during the second 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 purchasing an additional 2,500,000 shares in the last quarter. Finally, Primecap Management Co. CA lifted its stake in WAVE Life Sciences by 115.7% during the fourth quarter. Primecap Management Co. CA now owns 4,095,282 shares of the company’s stock worth $69,620,000 after purchasing an additional 2,196,632 shares during the last quarter. 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.