Zacks Research Upgrades WAVE Life Sciences (NASDAQ:WVE) to "Strong-Buy"

Key Points

• Zacks Research upgraded WAVE Life Sciences from “hold” to “strong-buy”, adding to a generally positive analyst backdrop for the stock.
• Other recent analyst actions have been mixed but mostly favorable, with firms like Wells Fargo, Truist, and New Street issuing buy or overweight views. Overall, the stock carries a Moderate Buy consensus and an average price target of $26.41.
• WAVE Life Sciences reported a smaller-than-expected quarterly loss and revenue of $38.25 million, well above estimates, even though the company remains unprofitable. The stock opened at $5.74 and is trading far below its 52-week high of $21.73.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

WVE has been the subject of a number of other reports. Wells Fargo & Company boosted their price target on WAVE Life Sciences from $13.00 to $14.00 and gave the company an "overweight" rating in a research note on Wednesday, May 20th. New Street Research set a $13.00 price objective on shares of WAVE Life Sciences in a research note on Thursday, June 11th. Truist Financial began coverage on shares of WAVE Life Sciences in a report on Wednesday, April 29th. They issued a "buy" rating and a $15.00 price objective on the stock. Canaccord Genuity Group cut their target price on shares of WAVE Life Sciences from $52.00 to $43.00 and set a "buy" rating for the company in a research report on Thursday, April 30th. Finally, Wall Street Zen raised shares of WAVE Life Sciences from a "strong sell" rating to a "hold" rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, WAVE Life Sciences has a consensus rating of "Moderate Buy" and an average price target of $26.41.

WAVE Life Sciences Price Performance

WVE stock opened at $5.74 on Tuesday. The company has a market cap of $1.10 billion, a P/E ratio of -5.42 and a beta of -1.29. WAVE Life Sciences has a 1 year low of $5.02 and a 1 year high of $21.73. The stock's fifty day moving average price is $6.07 and its 200-day moving average price is $9.39.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported ($0.13) EPS for the quarter, beating analysts' consensus estimates of ($0.34) by $0.21. WAVE Life Sciences had a negative return on equity of 56.76% and a negative net margin of 255.70%.The company had revenue of $38.25 million during the quarter, compared to analysts' expectations of $8.45 million. As a group, analysts expect that WAVE Life Sciences will post -1.1 earnings per share for the current year.

Institutional Trading of WAVE Life Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in WAVE Life Sciences by 9.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,349 shares of the company's stock worth $463,000 after purchasing an additional 4,957 shares during the period. Goldman Sachs Group Inc. raised its position in shares of WAVE Life Sciences by 3.8% during the first quarter. Goldman Sachs Group Inc. now owns 557,644 shares of the company's stock valued at $4,506,000 after buying an additional 20,624 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of WAVE Life Sciences by 22.5% in the second quarter. Rhumbline Advisers now owns 162,599 shares of the company's stock worth $1,057,000 after buying an additional 29,899 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of WAVE Life Sciences in the second quarter worth $80,000. Finally, Norges Bank purchased a new position in shares of WAVE Life Sciences in the second quarter worth $650,000. Institutional investors own 89.73% of the company's stock.

WAVE Life Sciences Company Profile

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.

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