Canaccord Genuity Group Issues Positive Forecast for WAVE Life Sciences (NASDAQ:WVE) Stock Price

WAVE Life Sciences (NASDAQ:WVE) had its price objective upped by Canaccord Genuity Group from $43.00 to $52.00 in a report issued on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research firms also recently issued reports on WVE. Cantor Fitzgerald raised their price target on shares of WAVE Life Sciences from $34.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Raymond James Financial reiterated an “outperform” rating and set a $21.00 price objective on shares of WAVE Life Sciences in a research note on Monday, December 8th. UBS Group set a $32.00 target price on shares of WAVE Life Sciences in a report on Tuesday, December 16th. B. Riley Financial lifted their target price on WAVE Life Sciences from $19.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Finally, Wells Fargo & Company lowered their target price on WAVE Life Sciences from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Thursday, February 12th. Thirteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.73.

WAVE Life Sciences Stock Up 3.5%

Shares of NASDAQ WVE opened at $13.75 on Tuesday. The stock’s 50 day moving average price is $13.84 and its two-hundred day moving average price is $11.01. WAVE Life Sciences has a 52-week low of $5.28 and a 52-week high of $21.73. The stock has a market capitalization of $2.59 billion, a P/E ratio of -11.27 and a beta of -1.77.

WAVE Life Sciences (NASDAQ:WVE) last issued its earnings results on Thursday, February 26th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $17.25 million during the quarter, compared to analyst estimates of $15.68 million. WAVE Life Sciences had a negative return on equity of 85.69% and a negative net margin of 478.35%. On average, analysts anticipate that WAVE Life Sciences will post -1.14 EPS for the current year.

Insider Activity at WAVE Life Sciences

In other news, CFO Kyle Moran sold 3,588 shares of WAVE Life Sciences stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $13.45, for a total value of $48,258.60. Following the transaction, the chief financial officer owned 134,385 shares of the company’s stock, valued at $1,807,478.25. The trade was a 2.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Plc Gsk purchased 1,470,000 shares of WAVE Life Sciences stock in a transaction dated Thursday, December 11th. The stock was bought at an average cost of $19.00 per share, with a total value of $27,930,000.00. Following the completion of the transaction, the insider directly owned 18,245,691 shares of the company’s stock, valued at $346,668,129. This represents a 8.76% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 61,748 shares of company stock worth $907,809 in the last quarter. Company insiders own 23.98% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of WVE. GSK plc acquired a new position in WAVE Life Sciences during the 4th quarter valued at about $310,177,000. Darwin Global Management Ltd. acquired a new position in shares of WAVE Life Sciences in the 4th quarter valued at $125,168,000. Federated Hermes Inc. increased its holdings in shares of WAVE Life Sciences by 678,144.7% in the third quarter. Federated Hermes Inc. now owns 3,750,693 shares of the company’s stock worth $27,455,000 after acquiring an additional 3,750,140 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in WAVE Life Sciences by 83.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,407,372 shares of the company’s stock worth $125,927,000 after purchasing an additional 3,362,880 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in WAVE Life Sciences by 20.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 15,016,500 shares of the company’s stock worth $97,607,000 after purchasing an additional 2,500,000 shares in the last quarter. 89.73% of the stock is owned by institutional investors and hedge funds.

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.