WVE - Why Wave Life Sciences Was Zooming Higher Today
There was a great deal of life in Wave Life Sciences (NASDAQ: WVE) stock on Thursday. As of midafternoon trading, investors had bid the company's share price up by more than 25%, comparing very favorably to the marginal gain eked out by the S&P 500 index. That was due almost entirely to the clinical-stage biotech's latest set of quarterly results and business update.
Before market open, Wave published its second-quarter results. These showed that, although the company is mostly pre-revenue at this stage of its existence, it nevertheless booked $375,000 on the top line. This was down from the nearly $2.8 million it earned in the same quarter last year.
Somewhat predictably net loss deepened, but not by a significant amount. It came in at slightly more than $41 million ($0.62 per share), against the year-ago deficit of almost $39 million.
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Why Wave Life Sciences Was Zooming Higher Today