WAVE Life Sciences (NASDAQ:WVE) Shares Up 9.3% - Here's Why

Key Points

• WAVE Life Sciences shares jumped 9.3% to about $4.04 in midday trading, although volume was 86% below the average session volume.
• Analyst sentiment remains generally positive, with 15 Buy ratings, two Holds and one Sell; the average price target is $21.59, despite several recent target cuts.
• The company reported weaker-than-expected quarterly results, including a loss of $0.34 per share versus a $0.30 estimate and revenue of $2.27 million versus expectations of $7.45 million. Insiders also sold 23,564 shares worth $132,476 over the prior three months.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s stock price shot 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.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of WAVE Life Sciences from a "hold" rating to a "strong sell" rating in a report on Saturday, August 1st. Mizuho decreased their price target on shares of WAVE Life Sciences from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Tuesday, August 4th. Wedbush lowered their price objective 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. HC Wainwright reaffirmed a "buy" rating on shares of WAVE Life Sciences in a research report on Monday, August 3rd. Finally, UBS Group set a $13.00 price target on WAVE Life Sciences in a research report on Monday, August 3rd. Fifteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, WAVE Life Sciences presently has an average rating of "Moderate Buy" and an average target price of $21.59.

WAVE Life Sciences Trading Up 7.7%

The stock has a market capitalization of $785.24 million, a PE ratio of -3.67 and a beta of -1.30. The business's 50-day moving average is $5.02 and its two-hundred day moving average is $6.33.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $7.45 million. On average, analysts predict that WAVE Life Sciences Ltd. will post -1.12 EPS for the current year.

Insider Activity at WAVE Life Sciences

In other news, Director Adrian Rawcliffe sold 12,700 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were 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 SEC, which is available through this hyperlink. Also, Director Heidi L. Wagner sold 7,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $6.01, for a total transaction of $42,070.00. Following the completion of the transaction, the director owned 44,930 shares of the company's stock, valued at $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. Insiders have sold a total of 23,564 shares of company stock worth $132,476 over the last three months. 24.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On WAVE Life Sciences

Institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new position in WAVE Life Sciences in the 4th quarter valued at about $82,000. Savant Capital LLC purchased a new position in WAVE Life Sciences in the fourth quarter valued at about $220,000. AlphaGrep UK Ltd acquired a new stake in WAVE Life Sciences during the 2nd quarter valued at approximately $78,000. First Trust Advisors LP increased its holdings in WAVE Life Sciences by 15.7% during the 1st 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 last quarter. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of WAVE Life Sciences in the 1st quarter valued at approximately $124,000. Institutional investors and hedge funds own 89.73% of the company's stock.

WAVE Life Sciences Company Profile

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.

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