WAVE Life Sciences (NASDAQ:WVE) Trading Down 6.6% - Here's Why

Key Points

• WAVE Life Sciences shares fell 6.6% to about $4.07, with trading volume down 90% from its average daily level.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $22.31, despite recent target cuts and one strong-sell downgrade.
• The company missed quarterly expectations, reporting an adjusted loss of $0.34 per share versus estimates of $0.30 and revenue of $2.27 million versus $7.45 million expected.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s share price was down 6.6% during trading on Wednesday . The company traded as low as $4.10 and last traded at $4.0650. Approximately 376,764 shares traded hands during trading, a decline of 90% from the average daily volume of 3,767,417 shares. The stock had previously closed at $4.35.

Analyst Upgrades and Downgrades

WVE has been the subject of several recent analyst reports. Wall Street Zen cut WAVE Life Sciences from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 1st. Citigroup lowered their target price on WAVE Life Sciences from $24.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. JPMorgan Chase & Co. initiated coverage on shares of WAVE Life Sciences in a research note on Wednesday. They issued a "neutral" rating on the stock. B. Riley Financial cut their price target on shares of WAVE Life Sciences from $31.00 to $22.00 and set a "buy" rating for the company in a report on Friday, July 31st. Finally, New Street Research set a $13.00 price target on WAVE Life Sciences in a research note on Thursday, June 11th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, WAVE Life Sciences presently has an average rating of "Moderate Buy" and an average price target of $22.31.

WAVE Life Sciences Trading Down 7.9%

The business has a 50 day moving average of $5.26 and a 200-day moving average of $6.74. The stock has a market cap of $789.19 million, a PE ratio of -3.68 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) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The company had revenue of $2.27 million for the quarter, compared to analysts' expectations of $7.45 million. WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%. On average, equities research analysts anticipate that WAVE Life Sciences Ltd. will post -1.11 EPS for the current fiscal year.

Insider Buying and Selling

In other WAVE Life Sciences news, Director Adrian Rawcliffe sold 12,700 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $5.29, for a total value of $67,183.00. The sale was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $6.01, for a total value of $42,070.00. Following the sale, the director owned 44,930 shares of the company's stock, valued at approximately $270,029.30. The trade was a 13.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 23,564 shares of company stock valued at $132,476. Company insiders own 24.30% of the company's stock.

Institutional Trading of WAVE Life Sciences

Several large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of WAVE Life Sciences during the fourth quarter valued at about $82,000. Savant Capital LLC acquired a new stake in WAVE Life Sciences in the fourth quarter worth $220,000. AlphaGrep UK Ltd bought a new stake in WAVE Life Sciences in the 2nd quarter valued at about $78,000. First Trust Advisors LP boosted its position 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 acquiring an additional 1,830 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of WAVE Life Sciences during the first quarter valued at $124,000. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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.

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