WAVE Life Sciences (NASDAQ:WVE) Stock Price Target Lowered at Citigroup

Key Points

• Citigroup lowered its price target on WAVE Life Sciences from $19 to $15 but maintained a “buy” rating; the new target implies about 342% upside from the cited share price of $3.39.
• Analyst views are mostly positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $20.44, though ratings ranged from strong buy to sell.
• WAVE reported quarterly EPS of ($0.30), beating the consensus estimate of ($0.33), and revenue of $13.16 million versus analysts’ $4.51 million estimate.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) had its price objective reduced by stock analysts at Citigroup from $19.00 to $15.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 341.96% from the stock's current price.

A number of other analysts also recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of WAVE Life Sciences in a report on Thursday, October 15th. JPMorgan Chase & Co. initiated coverage on WAVE Life Sciences in a report on Wednesday, September 23rd. They set a "neutral" rating for the company. B. Riley Financial restated a "buy" rating and set a $18.00 price objective on shares of WAVE Life Sciences in a report on Monday. Mizuho lowered their target price on WAVE Life Sciences from $27.00 to $23.00 and set an "outperform" rating for the company in a report on Tuesday, August 4th. Finally, HC Wainwright began coverage on WAVE Life Sciences in a report on Wednesday, October 28th. They set a "strong-buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, WAVE Life Sciences has an average rating of "Moderate Buy" and an average target price of $20.44.

WAVE Life Sciences Stock Performance

Shares of NASDAQ:WVE traded down $0.03 during trading on Thursday, reaching $3.39. 452,016 shares of the stock traded hands, compared to its average volume of 3,673,802. The stock has a 50-day moving average of $3.80 and a two-hundred day moving average of $7.07. WAVE Life Sciences has a 52-week low of $3.04 and a 52-week high of $21.73. The stock has a market cap of $669.40 million, a P/E ratio of -3.14 and a beta of -1.40.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.33) by $0.03. The company had revenue of $13.16 million for the quarter, compared to the consensus estimate of $4.51 million. WAVE Life Sciences had a negative net margin of 296.86% and a negative return on equity of 44.66%. Sell-side analysts expect that WAVE Life Sciences will post -1.08 earnings per share 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. R Squared Ltd purchased a new position in WAVE Life Sciences in the third quarter valued at $48,000. AlphaGrep UK Ltd purchased a new stake in shares of WAVE Life Sciences in the second quarter valued at approximately $78,000. First Trust Advisors LP increased its stake in WAVE Life Sciences by 15.7% in the 1st quarter. First Trust Advisors LP now owns 13,518 shares of the company's stock valued at $98,000 after purchasing an additional 1,830 shares in the last quarter. Bessemer Group Inc. grew its holdings in WAVE Life Sciences by 118.4% during the 3rd quarter. Bessemer Group Inc. now owns 15,550 shares of the company's stock valued at $58,000 after buying an additional 8,430 shares during the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new position in WAVE Life Sciences in the 1st quarter valued at about $124,000. Institutional investors and hedge funds own 89.73% of the company's stock.

About WAVE Life Sciences

WAVE Life Sciences Ltd. is a biotechnology company developing RNA-based medicines for genetically defined diseases. Founded in 2012, the company is headquartered in Cambridge, Massachusetts, and uses its oligonucleotide chemistry and drug-design capabilities to develop treatments intended to alter or regulate gene expression. Its research includes antisense oligonucleotide therapies and RNA-editing approaches. Programs have targeted conditions such as Huntington's disease and alpha-1 antitrypsin deficiency, with the latter exploring RNA editing to address a disease-causing genetic variant.

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