# Wave Life Sciences, Inc. (WVE)

> Source: Nexqual · https://nexqual.com/WVE · data as of 2026-10-23 15:06 UTC · cite as "Nexqual, Wave Life Sciences, Inc. (WVE), nexqual.com/WVE" · informational, not investment advice.

**Price:** USD 3.18 (-5.07% today) · US market open, as of October 23, 2026 at 15:06 UTC; quotes may be delayed. Prev close 3.35 · day 3.18–3.34 · 52w 3.04–21.73 · market cap $627M · NGM

## Key facts
- 1 of 80 tracked superinvestors hold WVE (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $135K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -54.9% vs S&P 500 +14.8%; 5Y -30.7% vs S&P 500 +77.5%.
- Next earnings: 2026-10-27, EPS estimate USD -0.32, revenue estimate $4.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $41.0M | $3.6M | $113M | $108M | $42.7M | — |
| Operating income | -$127M | -$163M | -$68.0M | -$110M | -$215M | -$218M |
| Net income | -$122M | -$162M | -$57.5M | -$97.0M | -$204M | -$202M |
| EPS (diluted) | -$2.36 | -$2.05 | -$0.54 | -$0.70 | -$1.21 | — |
| Free cash flow | -$89.6M | -$129M | -$20.5M | -$152M | -$188M | -$193M |
| Operating margin | -310.1% | -4459.3% | -60.0% | -101.9% | -504.1% | — |
| Net margin | -298.4% | -4434.7% | -50.8% | -89.6% | -478.3% | — |
| Revenue growth | +104.0% | -91.1% | +3005.1% | -4.4% | -60.5% | — |
| Cash + short-term investments | $151M | — | — | $302M | $602M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 1.4x · FCF yield -30.82% · Earnings yield -32.31%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WVE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.54% | $59.7M | Added +1.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-12 | Rawcliffe Adrian | Director | 12,700 | $67K | 100% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Wagner Heidi L | Director | 7,000 | $42K | 13.5% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Takanashi Ken | Director | 3,864 | $23K | 0% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Tan Aik Na | Director | 432 | $3K | 1.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | William Blair | Initiated | Outperform |  |
| 2026-10-15 | UBS | Initiated | Buy | $11 |
| 2026-10-01 | Ladenburg Thalmann | Initiated | Buy | $10 |
| 2026-09-23 | JP Morgan | Downgrade | Overweight → Neutral |  |
| 2026-08-04 | Mizuho | Target lowered | Outperform | $27 → $23 |
| 2026-07-31 | Citigroup | Target lowered | Buy | $24 → $19 |
| 2026-07-31 | B. Riley Securities | Target lowered | Buy | $31 → $22 |
| 2026-07-31 | Wedbush | Target lowered | Outperform | $15 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -54.9% | -30.7% |
| S&P 500 (SPY) | +14.8% | +77.5% |
| Per year | -54.9% | -7.1% |
| Volatility (annualized) | 130.4% | 96.8% |
| Max drawdown | -85.5% (Dec 2025→Oct 2026) | -82.4% (Dec 2025→Oct 2026) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.52 -0.10% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 89.45 -1.60% · IOVA (Iovance Biotherapeutics, Inc.) USD 13.8 -2.40% · PRAX (Praxis Precision Medicines, Inc) USD 254.05 -1.88% · IONS (Ionis Pharmaceuticals, Inc.) USD 42.87 -2.37% · ABVX (Abivax SA) USD 87.68 -2.83%

## More
Full page: https://nexqual.com/WVE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WVE's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1631574/000119312526073472/wve-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | "We recognize collaboration revenue under the GSK Collaboration Agreement, which became effective in January 2023, and the Takeda Collaboration Agreement, which became effective in April 2018 and expired in the fourth qua…" |
| Partner | BIO-TECHNE Corp (TECH) | "In November 2019, we entered into an agreement with Asuragen (which was acquired by Bio-Techne Corporation in April 2021), a molecular diagnostics company, for the development and potential commercialization of companion…" |

Other companies that name WVE in their own reports (relationship from WVE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F 2026-06-17 | "In February 2018, Takeda entered into an agreement with Wave to discover, develop and commercialize nucleic acid therapies for disorders of the central nervous system (CNS)." |
| partner | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | 10-K 2026-02-12 | "Companies working on chemically synthesized siRNAs include but are not limited to ADARx Pharmaceuticals, Inc., or ADARx, Amgen Inc., Argo Biopharmaceutical Co., Ltd., or Argo, Aro Biotherapeutics, Arr…" |

## Company outlook (8-K filed 2026-07-30)

- "We expect the Phase 2a portion of the INLIGHT trial, in individuals with higher BMI and higher body fat, to demonstrate WVE-007's broad potential to deliver even greater fat loss and improvements in body composition, as well as benefits across additional cardiometabolic biomarkers such as liver fat."
- "We expect to provide further updates on our pipeline and platform innovations at our annual investor day this fall." Recent Business Highlights and Expected Milestones Obesity • WVE-007 is an investigational GalNAc-siRNA (SpiNA) designed to induce fat loss without muscle loss."
- "Additional data from the INLIGHT trial, including data from the 600 mg Phase 1 SAD cohort, are expected in the second half of 2026. • Phase 2a INLIGHT trial: Dosing is underway in the Phase 2a multidose portion of the INLIGHT trial of WVE-007 in individuals with higher BMI (35-50 kg/m 2 ), with and without type 2 diabetes."
- "These data will inform further development of WVE-007 in obesity, as well as in MASH, type 2 diabetes, and other cardiometabolic diseases. • Combination with incretin and post-incretin maintenance: Wave expects to initiate Phase 2 trials of WVE-007 in the combination and maintenance settings in the second half of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.32 | $-0.31 | +5.5% | $4.4M | 17 |
| Next quarter (ends 2026-12-31) | $-0.32 | $-0.07 | +383.4% | $5.8M | 16 |
| Current fiscal year (ends 2026-12-31) | $-1.10 | $-0.84 | +31.9% | $50.6M | 17 |
| Next fiscal year (ends 2027-12-31) | $-1.17 | $-1.08 | +7.6% | $35.2M | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±49.4%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 229.4% | ±49.4% |
| 2026-12-18 | 56 | 133.2% | ±23.6% |
| 2027-01-15 | 84 | 193.8% | ±74.0% |
| 2027-04-16 | 175 | 117.2% | ±71.5% |
| 2027-06-17 | 237 | 101.8% | ±78.9% |