Wave Life Sciences slides after pricing public offering

Wave Life Sciences

07/12/2023 13:57

** Shares of Wave Life Sciences  WVE.O  fall 28.7% to $4.9
premarket 
    ** WVE announces a 20 mln share public offering at $5 each
for $100 mln, a 27.2% discount to the stock's close on Wednesday
    ** WVE has a ~$680.5 mln market cap with ~99 mln shares
outstanding - LSEG
    ** Late on Wednesday, co said it had started dosing patients
in a clinical trial for the experimental therapy that it is
developing to treat a genetic protein deficiency disorder that
causes lung and liver damage 
    ** WVE has received $20 mln in milestone payments from
partner GSK  GSK.L  on dosing, and is eligible for potential
development, launch, and sales-related milestones of up to $505
million
    ** Four of 8 brokerages rate the stock "buy" or higher, 4
"hold"; their median PT is $6.25 - LSEG
    ** Up to Wednesday's close, stock down 1.9% YTD 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))