WAVE Life Sciences (NASDAQ:WVE) Stock Bumped Up to Strong-Buy by UBS Group

WAVE Life Sciences (NASDAQ:WVE) was upgraded by stock analysts at UBS Group to a “strong-buy” rating in a report issued on Wednesday, Zacks reports.

A number of other research analysts have also issued reports on WVE. JPMorgan Chase & Co. started coverage on shares of WAVE Life Sciences in a research report on Wednesday, September 23rd. They set a “neutral” rating on the stock. Zacks Research cut shares of WAVE Life Sciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. LADENBURG THALM/SH SH initiated coverage on WAVE Life Sciences in a research report on Thursday, October 1st. They set a “buy” rating and a $10.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating on shares of WAVE Life Sciences in a research report on Friday, October 2nd. Finally, B. Riley Financial reduced their price objective on shares of WAVE Life Sciences from $31.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $21.53.

WAVE Life Sciences Stock Down 1.9%

Shares of WVE stock traded down $0.06 during trading on Wednesday, reaching $3.13. The company’s stock had a trading volume of 3,281,728 shares, compared to its average volume of 3,360,070. The business has a fifty day moving average price of $4.44 and a 200-day moving average price of $5.73. WAVE Life Sciences has a one year low of $3.04 and a one year high of $21.73. The company has a market cap of $617.33 million, a price-to-earnings ratio of -2.87 and a beta of -1.43.

WAVE Life Sciences (NASDAQ:WVE) last announced 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). The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $7.45 million. WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%. Research analysts anticipate that WAVE Life Sciences will post -1.12 EPS for the current year.

Insider Transactions at WAVE Life Sciences

In related news, Director Adrian Rawcliffe sold 12,700 shares of the business’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 transaction of $67,183.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Heidi L. Wagner sold 7,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $6.01, for a total transaction of $42,070.00. Following the completion of the transaction, the director directly owned 44,930 shares in the company, valued at approximately $270,029.30. The trade was a 13.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 23,564 shares of company stock valued at $132,476 in the last quarter. Company insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On WAVE Life Sciences

Several institutional investors and hedge funds have recently made changes to their positions in WVE. Readystate Asset Management LP bought a new position in WAVE Life Sciences during the 2nd quarter worth approximately $27,465,000. Squarepoint Ops LLC grew its holdings in shares of WAVE Life Sciences by 68.0% in the second quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company’s stock worth $14,766,000 after purchasing an additional 1,029,052 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of WAVE Life Sciences by 152.6% in the first quarter. Renaissance Technologies LLC now owns 597,220 shares of the company’s stock worth $4,330,000 after buying an additional 360,800 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of WAVE Life Sciences by 42.6% in the first quarter. Pictet Asset Management Holding SA now owns 1,149,127 shares of the company’s stock worth $8,202,000 after buying an additional 343,226 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in WAVE Life Sciences during the 1st quarter valued at $1,138,000. Institutional investors own 89.73% of the company’s stock.

WAVE Life Sciences Company Profile

WAVE Life Sciences Ltd. is a clinical-stage biotechnology company developing RNA medicines for genetic and other serious diseases. The company uses its proprietary oligonucleotide and RNA-editing technologies to target disease-causing genetic instructions, with the goal of selectively correcting, reducing, or modifying RNA activity.

Its development programs have included investigational therapies for conditions such as alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, and Huntington’s disease.