WAVE Life Sciences (NASDAQ:WVE) Hits New 1-Year Low on Analyst Downgrade

Key Points

• WAVE Life Sciences hit a new 52-week low, trading as low as $3.00 after Citigroup cut its price target from $19 to $15 while keeping a Buy rating.
• Despite the downgrade, analyst sentiment remains broadly positive: MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $20.44.
• The company’s latest quarter beat estimates, reporting a loss of $0.30 per share versus expectations of $0.33 and revenue of $13.16 million versus estimates of $4.51 million.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) shares hit a new 52-week low on Friday after Citigroup lowered their price target on the stock from $19.00 to $15.00. Citigroup currently has a buy rating on the stock. WAVE Life Sciences traded as low as $3.00 and last traded at $3.0750, with a volume of 248,611 shares changing hands. The stock had previously closed at $3.15.

A number of other research analysts have also commented on the stock. Zacks Research lowered shares of WAVE Life Sciences from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. Weiss Ratings reiterated a "sell (d-)" rating on shares of WAVE Life Sciences in a research report on Thursday, October 15th. Ladenburg Thalmann & Co. Inc. assumed coverage on WAVE Life Sciences in a research note on Thursday, October 1st. They set a "buy" rating and a $10.00 price objective for the company. Wedbush set a $13.00 price objective on WAVE Life Sciences in a research note on Friday, October 2nd. Finally, Mizuho reduced their target price on WAVE Life Sciences from $27.00 to $23.00 and set an "outperform" rating for the company in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $20.44.

Institutional Investors Weigh In On WAVE Life Sciences

Several hedge funds have recently added to or reduced their stakes in the company. AlphaCentric Advisors LLC increased its position in shares of WAVE Life Sciences by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 29,175 shares of the company's stock valued at $212,000 after purchasing an additional 1,585 shares during the last quarter. First Trust Advisors LP boosted its stake in WAVE Life Sciences by 15.7% in the first quarter. First Trust Advisors LP now owns 13,518 shares of the company's stock worth $98,000 after buying an additional 1,830 shares in the last quarter. Arizona State Retirement System boosted its stake in WAVE Life Sciences by 17.1% in the second quarter. Arizona State Retirement System now owns 35,826 shares of the company's stock worth $208,000 after buying an additional 5,228 shares in the last quarter. Bessemer Group Inc. boosted its stake in WAVE Life Sciences by 118.4% in the third quarter. Bessemer Group Inc. now owns 15,550 shares of the company's stock worth $58,000 after buying an additional 8,430 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in WAVE Life Sciences by 23.0% during the first quarter. Quantinno Capital Management LP now owns 47,885 shares of the company's stock valued at $347,000 after acquiring an additional 8,960 shares during the last quarter. Institutional investors own 89.73% of the company's stock.

WAVE Life Sciences Stock Down 2.4%

The business's 50-day simple moving average is $3.76 and its 200 day simple moving average is $7.02. The firm has a market capitalization of $606.48 million, a P/E ratio of -2.88 and a beta of -1.40.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.33) by $0.03. WAVE Life Sciences had a negative net margin of 296.86% and a negative return on equity of 44.66%. The firm had revenue of $13.16 million during the quarter, compared to analyst estimates of $4.51 million. Sell-side analysts predict that WAVE Life Sciences Ltd. will post -1.08 earnings per share for the current year.

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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