WAVE Life Sciences (NASDAQ:WVE) Sets New 1-Year Low - Here's Why

Key Points

• WAVE Life Sciences shares fell to a new 52-week low of $3.37, below their 50-day and 200-day moving averages, amid continued weakness in the stock.
• Despite the decline, analysts maintained a generally positive outlook: 15 rated the stock a Buy, with an average target price of $21.65, although several firms recently lowered their targets.
• The company reported weaker-than-expected quarterly results, including a loss of $0.34 per share versus estimates of $0.30 and revenue of $2.27 million versus $7.45 million expected. Insiders also sold 23,564 shares over the past 90 days.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s share price reached a new 52-week low during trading on Monday. The company traded as low as $3.37 and last traded at $3.3850, with a volume of 317,423 shares traded. The stock had previously closed at $3.46.

Analysts Set New Price Targets

WVE has been the topic of a number of research reports. Citigroup decreased their price target on shares of WAVE Life Sciences from $24.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Zacks Research downgraded shares of WAVE Life Sciences from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Mizuho lowered their price target on shares of WAVE Life Sciences from $27.00 to $23.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 4th. UBS Group set a $13.00 price target on shares of WAVE Life Sciences in a research report on Monday, August 3rd. Finally, Wedbush set a $13.00 price objective on shares of WAVE Life Sciences in a research note on Friday, October 2nd. Fifteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, WAVE Life Sciences has an average rating of "Moderate Buy" and an average target price of $21.65.

WAVE Life Sciences Stock Performance

The firm's fifty day simple moving average is $4.72 and its 200 day simple moving average is $5.91. The stock has a market capitalization of $661.10 million, a P/E ratio of -3.08 and a beta of -1.43.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.04). The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $7.45 million. WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%. Analysts anticipate that WAVE Life Sciences Ltd. will post -1.12 earnings per share for the current fiscal year.

Insider Activity at WAVE Life Sciences

In other WAVE Life Sciences news, Director Heidi L. Wagner sold 7,000 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $6.01, for a total transaction of $42,070.00. Following the completion of the sale, the director directly owned 44,930 shares in the company, valued at $270,029.30. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Adrian Rawcliffe sold 12,700 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $5.29, for a total value of $67,183.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 23,564 shares of company stock valued at $132,476. Company insiders own 24.30% of the company's stock.

Hedge Funds Weigh In On WAVE Life Sciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd bought a new position in shares of WAVE Life Sciences in the fourth quarter worth about $176,000. AlphaGrep UK Ltd bought a new stake in shares of WAVE Life Sciences during the 2nd quarter valued at approximately $78,000. First Trust Advisors LP grew its holdings in shares of WAVE Life Sciences by 15.7% during 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 during the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of WAVE Life Sciences during the 1st quarter valued at approximately $124,000. Finally, Gabelli Funds LLC acquired a new position in WAVE Life Sciences during the 1st quarter worth approximately $127,000. Institutional investors own 89.73% of the company's stock.

WAVE Life Sciences Company Profile

WAVE Life Sciences Ltd. is a clinical-stage biotechnology company developing RNA medicines for genetic and other serious diseases. The company uses its proprietary oligonucleotide and RNA-editing technologies to target disease-causing genetic instructions, with the goal of selectively correcting, reducing, or modifying RNA activity.

Its development programs have included investigational therapies for conditions such as alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, and Huntington's disease.

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