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Wave Life Sciences (WVE) Soars 13.8%: Is Further Upside Left in the Stock?

Zacks Equity Research
·2-min read

Wave Life Sciences (WVE) shares soared 13.8% in the last trading session to close at $5.20. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 36% gain over the past four weeks.

Last month, the company announced a positive update from its ongoing phase Ib/IIa SELECT-HD study on its pipeline candidate, WVE-009 for treating Huntington’s disease. This might have been driving the share price rally.

This biopharmaceutical company is expected to post quarterly loss of $0.48 per share in its upcoming report, which represents a year-over-year change of -300%. Revenues are expected to be $5.48 million, down 85% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Wave Life Sciences, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on WVE going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Wave Life Sciences belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Clearside Biomedical, Inc. (CLSD), closed the last trading session 6.6% lower at $1.14. Over the past month, CLSD has returned -7.6%.

For Clearside Biomedical, Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.04. This represents a change of +150% from what the company reported a year ago. Clearside Biomedical, Inc. currently has a Zacks Rank of #3 (Hold).


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