B. Riley Lowers Earnings Estimates for WAVE Life Sciences

Key Points

• B. Riley has reduced its earnings per share estimate for WAVE Life Sciences for FY2029 from $0.83 to $0.82, while the current consensus estimate stands at ($1.14) per share.
• WAVE Life Sciences posted a quarterly earnings report showing an EPS of ($0.31), which missed the consensus estimate of ($0.29), with actual revenue reported at $8.70 million versus anticipated $11.52 million.
• The stock has received various ratings from research analysts, with an average target price of $20.36, indicating general optimism although the stock trades significantly lower at around $8.63.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Free Report) - Research analysts at B. Riley cut their FY2029 earnings estimates for WAVE Life Sciences in a research report issued to clients and investors on Thursday, July 31st. B. Riley analyst M. El-Saadi now anticipates that the company will earn $0.82 per share for the year, down from their previous estimate of $0.83. The consensus estimate for WAVE Life Sciences' current full-year earnings is ($1.14) per share.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The business had revenue of $8.70 million for the quarter, compared to analysts' expectations of $11.52 million.

WVE has been the topic of several other reports. Wedbush reiterated an "outperform" rating and issued a $18.00 price target on shares of WAVE Life Sciences in a research report on Monday, June 23rd. Cantor Fitzgerald assumed coverage on shares of WAVE Life Sciences in a research note on Tuesday, April 29th. They issued an "overweight" rating and a $10.00 price objective for the company. Canaccord Genuity Group assumed coverage on WAVE Life Sciences in a report on Monday. They issued a "buy" rating and a $19.00 price objective on the stock. Citigroup started coverage on shares of WAVE Life Sciences in a research note on Wednesday, July 16th. They set a "buy" rating and a $16.00 price target on the stock. Finally, Raymond James Financial started coverage on WAVE Life Sciences in a report on Wednesday, June 11th. They set an "outperform" rating and a $14.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.27.

WAVE Life Sciences Trading Down 3.7%

WVE traded down $0.32 on Monday, reaching $8.23. The company had a trading volume of 649,985 shares, compared to its average volume of 1,303,164. The company has a market capitalization of $1.31 billion, a P/E ratio of -9.14 and a beta of -0.95. The company has a fifty day moving average of $7.38 and a 200-day moving average of $8.26. WAVE Life Sciences has a one year low of $5.04 and a one year high of $16.74.

Insider Buying and Selling

In other WAVE Life Sciences news, Director Gregory L. Verdine sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $6.95, for a total value of $208,500.00. Following the sale, the director owned 282,517 shares in the company, valued at $1,963,493.15. This trade represents a 9.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 23.98% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Compass Rose Asset Management LP acquired a new stake in shares of WAVE Life Sciences in the 2nd quarter worth about $650,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of WAVE Life Sciences by 93.3% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 36,097 shares of the company's stock valued at $235,000 after purchasing an additional 17,424 shares during the period. Emerald Mutual Fund Advisers Trust raised its stake in shares of WAVE Life Sciences by 0.3% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 1,937,489 shares of the company's stock valued at $12,594,000 after purchasing an additional 6,669 shares during the period. Emerald Advisers LLC grew its position in shares of WAVE Life Sciences by 3.9% during the 2nd quarter. Emerald Advisers LLC now owns 3,257,119 shares of the company's stock valued at $21,171,000 after purchasing an additional 123,561 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its position in WAVE Life Sciences by 8.2% in the second quarter. Teacher Retirement System of Texas now owns 28,955 shares of the company's stock worth $188,000 after acquiring an additional 2,206 shares in the last quarter. Institutional investors own 89.73% of the company's stock.

About WAVE Life Sciences

Wave Life Sciences Ltd., a clinical-stage biotechnology company, designs, develops, and commercializes ribonucleic acid (RNA) medicines through PRISM, a discovery and drug development platform. The company's RNA medicines platform, PRISM, combines multiple modalities, chemistry innovation, and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and prevalent disorders.