Zacks Investment Research cut shares of Wave Life Sciences (NASDAQ:WVE) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.
According to Zacks, “WAVE Life Sciences Pte. Ltd. is a preclinical biopharmaceutical company. It designs, develops and commercializes nucleic acid therapeutic candidates for Huntington’s disease, Duchenne muscular dystrophy and inflammatory bowel disease. Huntington’s disease, the Company has programs targeting HTT SNP-1 and HTT SNP-2; DMD, targeting Exon 51 and in IBD, it is targeting SMAD7. The Company has late-stage discovery programs in epidermolysis bullosa simplex, in which it is targeting KRT14 SNP-1 and KRT14 SNP-2 and in DMD, it is focused on an additional DMD target, Activin Receptor type IIb. WAVE Life Sciences Pte. Ltd. is based in Singapore. “
WVE has been the subject of several other research reports. Leerink Swann reissued an outperform rating and issued a $53.00 price target (up previously from $42.00) on shares of Wave Life Sciences in a report on Wednesday, November 15th. BidaskClub raised shares of Wave Life Sciences from a sell rating to a hold rating in a report on Tuesday, November 14th. Mizuho set a $34.00 price target on shares of Wave Life Sciences and gave the stock a buy rating in a report on Saturday, October 21st. Finally, TheStreet raised shares of Wave Life Sciences from a d+ rating to a c- rating in a report on Friday, January 5th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $41.60.
Wave Life Sciences (NASDAQ:WVE) last posted its earnings results on Thursday, November 9th. The company reported ($0.94) earnings per share for the quarter, beating the consensus estimate of ($0.97) by $0.03. The firm had revenue of $0.68 million during the quarter, compared to analyst estimates of $0.77 million. Wave Life Sciences had a negative net margin of 3,338.68% and a negative return on equity of 59.52%. analysts expect that Wave Life Sciences will post -3.76 earnings per share for the current fiscal year.
In other Wave Life Sciences news, Director Ra Capital Management, Llc bought 423,398 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was acquired at an average price of $23.34 per share, with a total value of $9,882,109.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chandra Vargeese sold 1,500 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $35.00, for a total transaction of $52,500.00. The disclosure for this sale can be found here. 53.00% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors grew its holdings in shares of Wave Life Sciences by 58.1% during the second quarter. Nationwide Fund Advisors now owns 6,720 shares of the company’s stock worth $125,000 after buying an additional 2,470 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Wave Life Sciences by 71.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,422 shares of the company’s stock valued at $175,000 after acquiring an additional 3,912 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Wave Life Sciences by 62.3% during the 2nd quarter. Rhumbline Advisers now owns 12,502 shares of the company’s stock valued at $233,000 after acquiring an additional 4,800 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Wave Life Sciences by 64.9% during the 2nd quarter. New York State Common Retirement Fund now owns 12,700 shares of the company’s stock valued at $236,000 after acquiring an additional 4,999 shares during the last quarter. Finally, Alliancebernstein L.P. acquired a new position in shares of Wave Life Sciences during the 2nd quarter valued at about $236,000. 73.74% of the stock is owned by institutional investors and hedge funds.
About Wave Life Sciences
WAVE Life Sciences Ltd. is a genetic medicines company. The Company, through its synthetic chemistry drug development platform, designs, develops and commercializes a pipeline of nucleic acid therapeutic candidates for genetically defined diseases. The Company is engaged in developing oligonucleotides that target genetic defects to either reduce the expression of disease-promoting proteins or transform the production of dysfunctional mutant proteins into the production of functional proteins.
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