Zacks Investment Research cut shares of Wave Life Sciences (NASDAQ:WVE) from a buy rating to a hold rating in a research note issued to investors on Saturday, Zacks.com reports.
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 topic of several other research reports. SunTrust Banks reduced their price target on Wave Life Sciences to $39.00 and set a buy rating on the stock in a report on Monday, May 20th. Mizuho reiterated a buy rating and set a $65.00 price target on shares of Wave Life Sciences in a report on Monday, July 22nd. BidaskClub lowered Wave Life Sciences from a sell rating to a strong sell rating in a report on Saturday, July 13th. HC Wainwright reiterated a buy rating on shares of Wave Life Sciences in a report on Wednesday. Finally, Cowen reiterated a hold rating on shares of Wave Life Sciences in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Wave Life Sciences currently has an average rating of Hold and a consensus price target of $50.80.
WVE traded down $1.51 on Friday, hitting $19.17. 397,347 shares of the company’s stock were exchanged, compared to its average volume of 240,513. Wave Life Sciences has a fifty-two week low of $18.93 and a fifty-two week high of $56.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.39 and a current ratio of 2.39. The firm’s 50-day simple moving average is $24.87. The company has a market capitalization of $708.59 million, a PE ratio of -3.79 and a beta of 0.82.
Wave Life Sciences (NASDAQ:WVE) last announced its earnings results on Monday, July 29th. The company reported ($1.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.11). Wave Life Sciences had a negative return on equity of 128.71% and a negative net margin of 861.41%. The business had revenue of $7.63 million for the quarter, compared to analyst estimates of $15.76 million. As a group, equities research analysts forecast that Wave Life Sciences will post -5.44 EPS for the current fiscal year.
In other news, insider Michael A. Panzara sold 3,058 shares of Wave Life Sciences stock in a transaction on Friday, July 5th. The stock was sold at an average price of $26.94, for a total transaction of $82,382.52. The transaction was disclosed in a document filed with the SEC, which is available at this link. 39.70% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Aperio Group LLC purchased a new stake in Wave Life Sciences in the 2nd quarter valued at about $51,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in Wave Life Sciences by 17.9% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,045 shares of the company’s stock valued at $118,000 after buying an additional 462 shares during the period. Citigroup Inc. raised its holdings in Wave Life Sciences by 189.4% in the 4th quarter. Citigroup Inc. now owns 2,807 shares of the company’s stock valued at $118,000 after buying an additional 1,837 shares during the period. Amundi Pioneer Asset Management Inc. raised its holdings in Wave Life Sciences by 45.0% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 2,900 shares of the company’s stock valued at $122,000 after buying an additional 900 shares during the period. Finally, Legal & General Group Plc raised its holdings in Wave Life Sciences by 17.9% in the 4th quarter. Legal & General Group Plc now owns 3,094 shares of the company’s stock valued at $130,000 after buying an additional 469 shares during the period. Hedge funds and other institutional investors own 85.68% of the company’s stock.
About Wave Life Sciences
Wave Life Sciences Ltd., a clinical stage genetic medicine company, designs, optimizes, and produces of novel stereopure oligonucleotides through PRISM, a discovery and drug developing platform. The company is primarily 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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