WAVE Life Sciences (NASDAQ:WVE) Shares Up 9.3% – Here’s Why

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s stock price was up 9.3% during mid-day trading on Thursday. The company traded as high as $4.02 and last traded at $4.0440. Approximately 544,448 shares were traded during mid-day trading, a decline of 86% from the average session volume of 3,764,334 shares. The stock had previously closed at $3.70.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on WVE shares. New Street Research set a $13.00 price objective on shares of WAVE Life Sciences in a report on Thursday, June 11th. LADENBURG THALM/SH SH initiated coverage on WAVE Life Sciences in a research note on Thursday. They issued a “buy” rating and a $10.00 price target for the company. B. Riley Financial lowered their price objective on WAVE Life Sciences from $31.00 to $22.00 and set a “buy” rating for the company in a report on Friday, July 31st. Citigroup cut their price objective on WAVE Life Sciences from $24.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, UBS Group set a $13.00 target price on WAVE Life Sciences in a research report on Monday, August 3rd. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.59.

WAVE Life Sciences Trading Up 7.7%

The business has a 50-day moving average price of $5.02 and a two-hundred day moving average price of $6.33. The firm has a market capitalization of $785.24 million, a price-to-earnings ratio of -3.67 and a beta of -1.30.

WAVE Life Sciences (NASDAQ:WVE) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). WAVE Life Sciences had a negative net margin of 309.73% and a negative return on equity of 50.36%. The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $7.45 million. On average, equities research analysts predict that WAVE Life Sciences Ltd. will post -1.12 earnings per share for the current fiscal year.

Insider Activity

In other WAVE Life Sciences news, Director Adrian Rawcliffe sold 12,700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $5.29, for a total value of $67,183.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Heidi L. Wagner sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $6.01, for a total value of $42,070.00. Following the transaction, the director owned 44,930 shares of the company’s stock, valued at approximately $270,029.30. This represents a 13.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,564 shares of company stock valued at $132,476 in the last 90 days. Insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. AlphaCentric Advisors LLC grew its stake in shares of WAVE Life Sciences by 5.7% in the first quarter. AlphaCentric Advisors LLC now owns 29,175 shares of the company’s stock worth $212,000 after purchasing an additional 1,585 shares in the last quarter. First Trust Advisors LP lifted its holdings in WAVE Life Sciences by 15.7% in the first quarter. First Trust Advisors LP now owns 13,518 shares of the company’s stock worth $98,000 after purchasing an additional 1,830 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in WAVE Life Sciences in the fourth quarter worth about $82,000. Arizona State Retirement System grew its position in WAVE Life Sciences by 17.1% in the 2nd quarter. Arizona State Retirement System now owns 35,826 shares of the company’s stock valued at $208,000 after buying an additional 5,228 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in WAVE Life Sciences by 23.0% during the 1st quarter. Quantinno Capital Management LP now owns 47,885 shares of the company’s stock valued at $347,000 after buying an additional 8,960 shares during the period. Institutional investors and hedge funds own 89.73% of the company’s stock.

About WAVE Life Sciences

WAVE Life Sciences Ltd. (NASDAQ: WVE) is a biotechnology company focused on developing medicines that target RNA, the biological molecule that helps translate genetic information into proteins. The company uses its oligonucleotide chemistry and delivery technologies to pursue treatments for genetically defined diseases, including conditions affecting the liver, muscles and nervous system.

WAVE’s research programs include RNA editing medicines designed to correct or modify disease-related genetic messages without permanently altering DNA.