Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $5.84, but opened at $6.25. Wave Life Sciences shares last traded at $6.11, with a volume of 54,069 shares trading hands.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on WVE. Truist Financial restated a "buy" rating and set a $17.00 price objective on shares of Wave Life Sciences in a research note on Monday, April 1st. Wells Fargo & Company initiated coverage on Wave Life Sciences in a research note on Wednesday. They set an "overweight" rating and a $11.00 price objective on the stock. StockNews.com cut Wave Life Sciences from a "buy" rating to a "hold" rating in a research report on Friday, May 10th. Royal Bank of Canada reiterated a "sector perform" rating and set a $5.00 price target on shares of Wave Life Sciences in a research report on Thursday, March 7th. Finally, HC Wainwright increased their price target on Wave Life Sciences from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Wave Life Sciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.25.
Get Our Latest Stock Report on Wave Life Sciences
Wave Life Sciences Stock Up 1.0 %
The company has a market cap of $722.51 million, a P/E ratio of -11.35 and a beta of -0.99. The company has a 50 day moving average price of $5.79 and a 200-day moving average price of $5.20.
Wave Life Sciences (NASDAQ:WVE - Get Free Report) last announced its earnings results on Thursday, May 9th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The company had revenue of $12.54 million for the quarter, compared to analysts' expectations of $25.67 million. During the same period in the previous year, the company earned ($0.27) EPS. On average, research analysts expect that Wave Life Sciences Ltd. will post -0.9 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Wave Life Sciences news, CFO Kyle Moran sold 15,630 shares of the business's stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total value of $96,437.10. Following the sale, the chief financial officer now directly owns 33,921 shares in the company, valued at $209,292.57. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 31.10% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Wave Life Sciences by 39.7% during the first quarter. Vanguard Group Inc. now owns 1,834,090 shares of the company's stock valued at $11,316,000 after buying an additional 521,665 shares in the last quarter. M28 Capital Management LP boosted its stake in Wave Life Sciences by 4.7% in the 4th quarter. M28 Capital Management LP now owns 7,373,413 shares of the company's stock worth $37,236,000 after purchasing an additional 328,913 shares during the period. Affinity Asset Advisors LLC purchased a new position in Wave Life Sciences during the 1st quarter worth approximately $1,768,000. Price T Rowe Associates Inc. MD raised its stake in Wave Life Sciences by 14.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,861,254 shares of the company's stock valued at $11,485,000 after purchasing an additional 233,891 shares during the period. Finally, Platinum Investment Management Ltd. lifted its holdings in shares of Wave Life Sciences by 43.9% in the fourth quarter. Platinum Investment Management Ltd. now owns 655,331 shares of the company's stock valued at $3,309,000 after purchasing an additional 200,000 shares in the last quarter. Institutional investors own 89.73% of the company's stock.
Wave Life Sciences Company Profile
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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.
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