WAVE Life Sciences (NASDAQ:WVE) Sets New 52-Week Low - Time to Sell?

Key Points

• WAVE Life Sciences fell to a new 52-week low of $3.53, down 5.5%, with the stock trading below both its 50-day and 200-day moving averages.
• Recent quarterly results were weaker than expected: the company reported an EPS loss of $0.34 versus a $0.30 consensus loss and revenue of $2.27 million versus expectations of $7.45 million.
• Despite the decline and some negative analyst views, the consensus rating remains “Moderate Buy”, with 15 Buy ratings and an average price target of $21.65; however, insiders sold 23,564 shares in the last 90 days.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday. The company traded as low as $3.53 and last traded at $3.5350, with a volume of 1610868 shares traded. The stock had previously closed at $3.75.

Analysts Set New Price Targets

Several brokerages recently weighed in on WVE. B. Riley Financial reduced their target price on shares of WAVE Life Sciences from $31.00 to $22.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Wall Street Zen downgraded shares of WAVE Life Sciences from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 1st. Citigroup decreased their price objective on shares of WAVE Life Sciences from $24.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, July 31st. LADENBURG THALM/SH SH started coverage on shares of WAVE Life Sciences in a research note on Thursday, October 1st. They set a "buy" rating and a $10.00 target price for the company. Finally, JPMorgan Chase & Co. initiated coverage on WAVE Life Sciences in a report on Wednesday, September 23rd. They set a "neutral" rating for the company. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, WAVE Life Sciences has a consensus rating of "Moderate Buy" and a consensus price target of $21.65.

WAVE Life Sciences Trading Down 5.5%

The stock has a market capitalization of $698.54 million, a price-to-earnings ratio of -3.25 and a beta of -1.43. The company's 50 day moving average is $4.90 and its 200 day moving average is $6.15.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.27 million for the quarter, compared to analysts' expectations of $7.45 million. Analysts anticipate that WAVE Life Sciences Ltd. will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other WAVE Life Sciences news, Director Heidi Wagner sold 7,000 shares of WAVE Life Sciences stock in a transaction that occurred 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 transaction, the director owned 44,930 shares of the company's stock, valued at $270,029.30. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 value of $67,183.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,564 shares of company stock worth $132,476 in the last 90 days. 24.30% of the stock is currently owned by company insiders.

Institutional Trading of WAVE Life Sciences

Several institutional investors and hedge funds have recently bought and sold shares of the business. Readystate Asset Management LP acquired a new position in WAVE Life Sciences during the second quarter worth about $27,465,000. Squarepoint Ops LLC boosted its stake in shares of WAVE Life Sciences by 68.0% during the 2nd quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company's stock worth $14,766,000 after acquiring an additional 1,029,052 shares in the last quarter. Eventide Asset Management LLC purchased a new stake in shares of WAVE Life Sciences during the 4th quarter worth approximately $8,500,000. Elmind Capital LP acquired a new stake in shares of WAVE Life Sciences in the 4th quarter worth approximately $7,613,000. Finally, Renaissance Technologies LLC grew its holdings in shares of WAVE Life Sciences by 152.6% in the 1st quarter. Renaissance Technologies LLC now owns 597,220 shares of the company's stock worth $4,330,000 after acquiring an additional 360,800 shares during the period. Hedge funds and other institutional investors own 89.73% of the company's stock.

About WAVE Life Sciences

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.

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