WAVE Life Sciences (NASDAQ:WVE) Shares Up 7.4% – Time to Buy?

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s share price shot up 7.4% during trading on Thursday . The company traded as high as $6.26 and last traded at $6.2750. Approximately 2,747,967 shares changed hands during trading, a decline of 34% from the average session volume of 4,141,080 shares. The stock had previously closed at $5.84.

Analyst Ratings Changes

A number of research firms recently commented on WVE. Truist Financial initiated coverage on shares of WAVE Life Sciences in a research report on Wednesday, April 29th. They issued a “buy” rating and a $15.00 price objective for the company. Wall Street Zen upgraded shares of WAVE Life Sciences from a “strong sell” rating to a “hold” rating in a report on Saturday, May 2nd. Wells Fargo & Company upped their target price on shares of WAVE Life Sciences from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 20th. Canaccord Genuity Group lowered their target price on WAVE Life Sciences from $52.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Finally, Citigroup cut their price target on WAVE Life Sciences from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, May 4th. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, WAVE Life Sciences currently has an average rating of “Moderate Buy” and a consensus price target of $26.41.

WAVE Life Sciences Stock Performance

The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -5.91 and a beta of -1.33. The firm has a fifty day simple moving average of $6.41 and a 200-day simple moving average of $10.55.

WAVE Life Sciences (NASDAQ:WVE) last released its quarterly earnings results on Wednesday, April 29th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.21. WAVE Life Sciences had a negative net margin of 255.70% and a negative return on equity of 56.76%. The firm had revenue of $38.25 million for the quarter, compared to analysts’ expectations of $8.45 million. Analysts expect that WAVE Life Sciences Ltd. will post -1.1 earnings per share for the current fiscal year.

Institutional Trading of WAVE Life Sciences

A number of institutional investors and hedge funds have recently made changes to their positions in WVE. CWM LLC raised its position in WAVE Life Sciences by 6,729.0% in the fourth quarter. CWM LLC now owns 2,117 shares of the company’s stock valued at $36,000 after purchasing an additional 2,086 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of WAVE Life Sciences by 645.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,243 shares of the company’s stock valued at $38,000 after purchasing an additional 1,942 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of WAVE Life Sciences during the fourth quarter worth $82,000. Mirae Asset Global Investments Co. Ltd. raised its stake in WAVE Life Sciences by 32.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,124 shares of the company’s stock worth $138,000 after buying an additional 1,972 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in WAVE Life Sciences by 1,441.6% during the third quarter. Russell Investments Group Ltd. now owns 9,928 shares of the company’s stock worth $73,000 after buying an additional 9,284 shares during the last quarter. Institutional investors own 89.73% of the company’s stock.

About WAVE Life Sciences

WAVE Life Sciences is a clinical-stage genetic medicines company focused on the discovery and development of stereopure oligonucleotide therapies designed to address serious diseases with high unmet medical need. Leveraging proprietary chemistry and precision synthesis, WAVE engineers drug candidates with defined stereochemistry to optimize potency, safety and manufacturability. This approach aims to enhance target specificity and improve therapeutic profiles compared with traditional oligonucleotide medicines.

The company’s pipeline includes programs in neuromuscular disorders such as Duchenne muscular dystrophy and neurodegenerative conditions including Huntington’s disease, as well as early-stage cardiovascular and liver indications.