WAVE Life Sciences (NASDAQ:WVE) Announces Quarterly Earnings Results

WAVE Life Sciences (NASDAQ:WVE) announced its quarterly earnings data on Monday. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02), Zacks reports.

WAVE Life Sciences Price Performance

NASDAQ WVE traded down $0.21 during trading on Monday, reaching $7.66. 171,826 shares of the company’s stock were exchanged, compared to its average volume of 1,672,958. WAVE Life Sciences has a fifty-two week low of $5.28 and a fifty-two week high of $16.74. The business has a 50 day moving average price of $7.58 and a 200-day moving average price of $7.55. The stock has a market capitalization of $1.22 billion, a P/E ratio of -8.53 and a beta of -1.44.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WVE. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 target price on shares of WAVE Life Sciences in a report on Monday, October 27th. Wells Fargo & Company began coverage on WAVE Life Sciences in a research note on Monday, October 20th. They issued an “overweight” rating and a $18.00 price target on the stock. B. Riley reiterated a “buy” rating on shares of WAVE Life Sciences in a report on Thursday, September 4th. Canaccord Genuity Group initiated coverage on WAVE Life Sciences in a report on Monday, August 4th. They set a “buy” rating and a $19.00 target price on the stock. Finally, Leerink Partners set a $26.00 price target on shares of WAVE Life Sciences in a research report on Wednesday, September 3rd. Twelve investment analysts have rated the stock with a Buy rating and one has given 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 $21.08.

Insider Transactions at WAVE Life Sciences

In related news, Director Christian O. Henry sold 9,670 shares of WAVE Life Sciences stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $8.81, for a total transaction of $85,192.70. Following the completion of the sale, the director directly owned 29,645 shares of the company’s stock, valued at approximately $261,172.45. This trade represents a 24.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gregory L. Verdine sold 10,000 shares of WAVE Life Sciences stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $10.00, for a total value of $100,000.00. Following the sale, the director directly owned 285,217 shares of the company’s stock, valued at $2,852,170. This represents a 3.39% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 237,021 shares of company stock worth $2,380,438. 23.98% of the stock is owned by insiders.

Institutional Investors Weigh In On WAVE Life Sciences

A number of institutional investors have recently modified their holdings of WVE. Tower Research Capital LLC TRC lifted its stake in shares of WAVE Life Sciences by 44.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,658 shares of the company’s stock valued at $76,000 after purchasing an additional 3,609 shares during the period. Prudential Financial Inc. bought a new stake in WAVE Life Sciences in the second quarter valued at $80,000. Orion Porfolio Solutions LLC boosted its position in shares of WAVE Life Sciences by 27.0% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 24,392 shares of the company’s stock worth $159,000 after purchasing an additional 5,182 shares in the last quarter. Marshall Wace LLP bought a new position in shares of WAVE Life Sciences during the 2nd quarter worth about $161,000. Finally, Nebula Research & Development LLC grew its stake in shares of WAVE Life Sciences by 8.7% in the 2nd quarter. Nebula Research & Development LLC now owns 34,342 shares of the company’s stock valued at $223,000 after buying an additional 2,748 shares during the period. 89.73% of the stock is owned by institutional investors.

About WAVE Life Sciences

Wave Life Sciences Ltd., a clinical-stage biotechnology company, designs, develops, and commercializes ribonucleic acid (RNA) medicines through PRISM, a discovery and drug development platform. The company's RNA medicines platform, PRISM, combines multiple modalities, chemistry innovation, and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and prevalent disorders.