JPMorgan Chase & Co. Reiterates "Neutral" Rating for WAVE Life Sciences (NASDAQ:WVE)

Key Points

• JPMorgan reaffirmed a “Neutral” rating on WAVE Life Sciences. Overall analyst sentiment is more positive, with 14 Buy, two Hold and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $22.31.
• WAVE shares opened at $4.35, near their one-year low of $4.20, and have declined below their 50-day and 200-day moving averages. The company’s latest quarter missed expectations, reporting a $0.34 per-share loss and $2.27 million in revenue versus a $7.45 million estimate.
• Insiders sold 23,564 shares worth $132,476 during the quarter, while institutional investors own approximately 89.73% of the stock. WAVE focuses on RNA-targeted medicines, including RNA-editing treatments for genetically defined diseases.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report)'s stock had its "neutral" rating reissued by equities researchers at JPMorgan Chase & Co. in a research note issued to investors on Wednesday, Benzinga reports.

Several other equities analysts have also recently weighed in on WVE. Citigroup dropped their price objective on WAVE Life Sciences from $24.00 to $19.00 and set a "buy" rating for the company in a report on Friday, July 31st. New Street Research set a $13.00 price objective on shares of WAVE Life Sciences in a research report on Thursday, June 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of WAVE Life Sciences in a research note on Friday, July 17th. Zacks Research lowered WAVE Life Sciences from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. Finally, Wedbush dropped their price target on shares of WAVE Life Sciences from $15.00 to $12.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, WAVE Life Sciences has an average rating of "Moderate Buy" and an average price target of $22.31.

WAVE Life Sciences Trading Up 2.1%

NASDAQ:WVE opened at $4.35 on Wednesday. The stock has a 50 day simple moving average of $5.26 and a 200 day simple moving average of $6.74. WAVE Life Sciences has a 1-year low of $4.20 and a 1-year high of $21.73. The stock has a market cap of $857.17 million, a P/E ratio of -3.99 and a beta of -1.30.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.34) EPS for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.04). WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%.The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $7.45 million. As a group, sell-side analysts forecast that WAVE Life Sciences will post -1.11 EPS for the current year.

Insider Transactions at WAVE Life Sciences

In related news, Director Adrian Rawcliffe sold 12,700 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $5.29, for a total transaction of $67,183.00. The transaction 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 business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $6.01, for a total value 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. This trade represents a 13.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 23,564 shares of company stock valued at $132,476. Company insiders own 24.30% of the company's stock.

Hedge Funds Weigh In On WAVE Life Sciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC bought a new stake in WAVE Life Sciences in the 2nd quarter valued at about $180,000. Squarepoint Ops LLC raised its position in shares of WAVE Life Sciences by 68.0% during 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 period. 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 purchasing an additional 5,228 shares during the period. Readystate Asset Management LP bought a new stake in WAVE Life Sciences during the 2nd quarter valued at $27,465,000. Finally, AlphaGrep UK Ltd bought a new stake in WAVE Life Sciences during the 2nd quarter valued at $78,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.