WAVE Life Sciences (NASDAQ:WVE) Shares Pass Below 50 Day Moving Average – Here’s Why

Shares of WAVE Life Sciences Ltd. (NASDAQ:WVE) passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $6.98 and traded as low as $5.76. WAVE Life Sciences shares last traded at $6.09, with a volume of 3,419,235 shares.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on WVE shares. Wedbush raised their target price on WAVE Life Sciences from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Cantor Fitzgerald raised their target price on WAVE Life Sciences from $34.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Wall Street Zen raised WAVE Life Sciences from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Canaccord Genuity Group dropped their price objective on WAVE Life Sciences from $52.00 to $43.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Finally, Wells Fargo & Company lifted their price objective 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. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $27.25.

WAVE Life Sciences Trading Up 5.7%

The company has a market capitalization of $1.17 billion, a PE ratio of -5.75 and a beta of -1.33. The stock has a fifty day simple moving average of $6.98 and a 200-day simple moving average of $11.08.

WAVE Life Sciences (NASDAQ:WVE) last announced its quarterly earnings results on Wednesday, April 29th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $8.45 million. As a group, equities research analysts predict that WAVE Life Sciences Ltd. will post -1.16 EPS for the current year.

Institutional Trading of WAVE Life Sciences

Several institutional investors and hedge funds have recently made changes to their positions in WVE. Pictet Asset Management Holding SA increased its position in WAVE Life Sciences by 5,024.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 805,901 shares of the company’s stock valued at $13,830,000 after acquiring an additional 790,175 shares during the period. GSA Capital Partners LLP acquired a new position in WAVE Life Sciences during the 3rd quarter worth approximately $375,000. Prescott Group Capital Management L.L.C. acquired a new position in WAVE Life Sciences during the 4th quarter worth approximately $1,530,000. F m Investments LLC increased its position in WAVE Life Sciences by 24.5% during the 4th quarter. F m Investments LLC now owns 395,894 shares of the company’s stock worth $6,730,000 after purchasing an additional 77,807 shares during the period. Finally, Knott David M Jr lifted its stake in shares of WAVE Life Sciences by 125.0% during the 3rd quarter. Knott David M Jr now owns 90,000 shares of the company’s stock worth $659,000 after purchasing an additional 50,000 shares during the period. 89.73% of the stock is owned by hedge funds and other institutional investors.

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.