Wave Life Sciences Ltd (NASDAQ:WVE) reported worse-than-expected third-quarter financial results on Monday.
WAVE Life Sciences reported quarterly losses of 32 cents per share which missed the analyst consensus estimate of losses of 30 cents per share. The company reported quarterly sales of $7.608 million which missed the analyst consensus estimate of $11.130 million.
“In the third quarter, we achieved key clinical objectives with WVE-007 for obesity and WVE-006 for alpha-1 antitrypsin deficiency, which validate the impact of our proprietary chemistry and further solidify our growing leadership in RNAi and RNA editing,” said Paul Bolno, MD, MBA, President and Chief Executive Officer at Wave Life Sciences. “Coming out of ObesityWeek®, it is clear there is a strong need for novel non-incretin treatment approaches, and WVE-007 has the potential to disrupt the obesity treatment landscape. The successful clinical translation observed thus far, with robust and durable Activin E reductions, support WVE-007’s potential to induce fat loss, preserve muscle, improve cardiometabolic health, without the class-effects of GLP-1s, and with the advantages of once or twice per year dosing.”
Wave Life Sciences shares gained 3.1% to trade at $7.26 on Tuesday.
These analysts made changes to their price targets on Wave Life Sciences following earnings announcement.
- Wells Fargo analyst Benjamin Burnett maintained WAVE Life Sciences with an Overweight rating and lowered the price target from $18 to $16.
- Wedbush analyst Yun Zhong maintained the stock with an Outperform rating and raised the price target from $18 to $20.
Considering buying WVE stock? Here’s what analysts think:
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