After H.C. Wainwright and Stifel Nicolaus gave Wave Life Sciences (NASDAQ: WVE) a Buy rating last month, the company received another Buy, this time from Mizuho Securities. Analyst Salim Syed maintained a Buy rating on Wave Life Sciences today and set a price target of $65. The company’s shares opened today at $40.
Syed commented:
“We spoke to the company about the delay. There are two drivers, both logistics-related: (1) Some patients rescheduled their visit due to summer holiday plans and vacations (2) The trial is enrolling a greater than expected number of Eteplirsen wash-out patients, and those patients require a 14-week washout before getting WVE drug. A few things to pull out from this dynamic: – First, the delay should not create any concerns about the trial in our view … the reasons are purely logistical in nature and make total sense. – The dynamic shows that Eteplirsen may not be enough for patients. Patients need another DMD drug. This is actually a marginal positive for Wave. – Recall this is a single-ascending dose study, meaning you need to dose the patients in a specific order.”
According to TipRanks.com, Syed is a 3-star analyst with an average return of 5.8% and a 62.5% success rate. Syed covers the Healthcare sector, focusing on stocks such as Endo International, Gilead Sciences, and Mallinckrodt.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Wave Life Sciences with a $56.25 average price target, which is a 40.6% upside from current levels. In a report issued on August 7, Stifel Nicolaus also initiated coverage with a Buy rating on the stock with a $56 price target.
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Based on Wave Life Sciences’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $35.24 million. In comparison, last year the company had a GAAP net loss of $24.69 million.
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Wave Life Sciences Ltd. is a biotechnology company, which engages in the development of proprietary synthetic chemistry drug. It focuses on the design, development, and commercialization of nucleic acid-based therapeutics. The company was founded by Gregory L. Verdine and Takeshi Wada on July 23, 2012 and is headquartered in Singapore.
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