There’s a lot to be optimistic about in the Healthcare sector as 2 analysts just weighed in on Wave Life Sciences (WVE) and Co-Diagnostics Inc (CODX) with bullish sentiments.
Wave Life Sciences (WVE)
H.C. Wainwright analyst Debjit Chattopadhyay maintained a Buy rating on Wave Life Sciences today and set a price target of $33. The company’s shares closed yesterday at $24.47, close to its 52-week low of $22.90.
“We value WAVE $33 (reduced from $49) per share, which reflects: (1) elimination of the DMD franchise from our model; and (2) estimated launch in HD pushed out to 2025 from prior 2023, which reflects the Phase 3 design and duration of a peer program. Our $33 target is based on a risk-adjusted, sum-of-the-parts DCF analysis: beta of 1.20, terminal growth rate of 0.5%, risk premium of 4.93%, calculated WACC of 8.6%, and tax rate of 15% beginning in FY 2030, and is now 100% leveraged to the company’s CNS portfolio.”
According to TipRanks.com, Chattopadhyay is a 2-star analyst with an average return of 0.7% and a 45.5% success rate. Chattopadhyay covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Voyager Therapeutics Inc, and Autolus Therapeutics Plc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Wave Life Sciences with a $46.67 average price target, representing a 90.7% upside. In a report released yesterday, Mizuho Securities also assigned a Buy rating to the stock with a $65 price target.
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Co-Diagnostics Inc (CODX)
In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Co-Diagnostics Inc, with a price target of $2. The company’s shares closed yesterday at $1.03, close to its 52-week low of $0.90.
“Our valuation is based on an enterprise value- to-sales (EV/Sales) multiple approach. Using a comparable universe of companies, we derive an average EV/Sales multiple of 6.7x and median EV/Sales multiple of 4.7x.”
According to TipRanks.com, Selvaraju is a 1-star analyst with an average return of 0.0% and a 37.3% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Co-Diagnostics Inc with a $2 average price target, a 94.2% upside from current levels. In a report issued on April 9, Maxim Group also initiated coverage with a Buy rating on the stock with a $2 price target.
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