WAVE Life Sciences (NASDAQ:WVE) Price Target Cut to $43.00 by Analysts at Canaccord Genuity Group

WAVE Life Sciences (NASDAQ:WVE) had its target price reduced by Canaccord Genuity Group from $52.00 to $43.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the stock.

WVE has been the subject of several other research reports. Wedbush lifted their price target on WAVE Life Sciences from $33.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. Cantor Fitzgerald boosted their target price on WAVE Life Sciences from $34.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of WAVE Life Sciences in a research report on Monday, April 20th. HC Wainwright decreased their target price on WAVE Life Sciences from $30.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company decreased their target price on WAVE Life Sciences from $27.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, March 27th. Fourteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, WAVE Life Sciences presently has an average rating of “Moderate Buy” and a consensus price target of $27.88.

WAVE Life Sciences Price Performance

WVE opened at $7.06 on Thursday. The stock has a 50-day moving average price of $10.03 and a 200-day moving average price of $11.21. The firm has a market cap of $1.36 billion, a PE ratio of -6.66 and a beta of -1.32. WAVE Life Sciences has a 1 year low of $5.02 and a 1 year high of $21.73.

WAVE Life Sciences (NASDAQ:WVE) last posted its quarterly earnings results on Tuesday, April 28th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.21. The firm had revenue of $38.25 million during the quarter, compared to analyst estimates of $8.45 million. WAVE Life Sciences had a negative return on equity of 56.76% and a negative net margin of 255.70%. As a group, sell-side analysts anticipate that WAVE Life Sciences will post -1.35 EPS for the current year.

Insiders Place Their Bets

In other WAVE Life Sciences news, insider Chris Francis sold 33,194 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $15.05, for a total transaction of $499,569.70. Following the completion of the sale, the insider directly owned 61,867 shares in the company, valued at $931,098.35. The trade was a 34.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Chandra Vargeese sold 3,228 shares of the business’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $13.45, for a total value of $43,416.60. Following the sale, the insider owned 408,246 shares of the company’s stock, valued at approximately $5,490,908.70. This represents a 0.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 52,373 shares of company stock worth $757,527 in the last 90 days. Corporate insiders own 23.98% of the company’s stock.

Institutional Investors Weigh In On WAVE Life Sciences

A number of large investors have recently made changes to their positions in the company. Capstone Capital Management Ltd bought a new stake in shares of WAVE Life Sciences during the 1st quarter valued at about $1,044,000. Private Advisor Group LLC purchased a new stake in shares of WAVE Life Sciences during the 1st quarter worth approximately $160,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of WAVE Life Sciences during the 1st quarter worth approximately $1,138,000. Pictet Asset Management Holding SA raised its holdings in shares of WAVE Life Sciences by 42.6% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,149,127 shares of the company’s stock worth $8,202,000 after acquiring an additional 343,226 shares in the last quarter. Finally, James J. Burns & Company LLC raised its holdings in shares of WAVE Life Sciences by 8.5% during the 1st quarter. James J. Burns & Company LLC now owns 114,800 shares of the company’s stock worth $832,000 after acquiring an additional 8,998 shares in the last quarter. 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.