WAVE Life Sciences (NASDAQ:WVE) Now Covered by Canaccord Genuity Group

Key Points

• Canaccord Genuity Group initiated coverage on WAVE Life Sciences with a "buy" rating and a price target of $19.00, indicating a potential upside of 120.16% from its current price.
• The company reported a Q2 loss of ($0.31) EPS, missing expectations, with revenues of $8.70 million against a consensus of $11.52 million.
• WAVE Life Sciences has received ratings from multiple analysts, with the overall consensus being a "Moderate Buy" and an average target price of $20.27.

Investment analysts at Canaccord Genuity Group began coverage on shares of WAVE Life Sciences (NASDAQ:WVE - Get Free Report) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $19.00 price target on the stock. Canaccord Genuity Group's target price points to a potential upside of 120.16% from the company's current price.

Several other equities analysts have also issued reports on the stock. Wedbush reaffirmed an "outperform" rating and issued a $18.00 price target on shares of WAVE Life Sciences in a report on Monday, June 23rd. Citigroup began coverage on WAVE Life Sciences in a research note on Wednesday, July 16th. They issued a "buy" rating and a $16.00 target price for the company. Oppenheimer began coverage on WAVE Life Sciences in a research note on Monday, July 28th. They issued an "outperform" rating and a $24.00 target price for the company. Cantor Fitzgerald began coverage on WAVE Life Sciences in a research note on Tuesday, April 29th. They issued an "overweight" rating and a $10.00 target price for the company. Finally, Wall Street Zen lowered WAVE Life Sciences from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, WAVE Life Sciences currently has an average rating of "Moderate Buy" and an average target price of $20.27.

WAVE Life Sciences Stock Up 6.5%

Shares of WAVE Life Sciences stock opened at $8.63 on Monday. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -9.59 and a beta of -0.95. The business has a 50-day moving average price of $7.22 and a 200-day moving average price of $8.27. WAVE Life Sciences has a twelve month low of $5.04 and a twelve month high of $16.74.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The company had revenue of $8.70 million during the quarter, compared to the consensus estimate of $11.52 million. On average, equities analysts expect that WAVE Life Sciences will post -1.14 EPS for the current fiscal year.

Insider Transactions at WAVE Life Sciences

In other news, Director Gregory L. Verdine sold 30,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $6.95, for a total value of $208,500.00. Following the completion of the transaction, the director owned 282,517 shares of the company's stock, valued at $1,963,493.15. The trade was a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 23.98% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new position in WAVE Life Sciences in the 4th quarter valued at about $40,000. Quarry LP bought a new position in shares of WAVE Life Sciences during the 4th quarter valued at about $62,000. Knott David M Jr bought a new position in shares of WAVE Life Sciences during the 1st quarter valued at about $81,000. Ascent Group LLC bought a new position in shares of WAVE Life Sciences during the 1st quarter valued at about $83,000. Finally, Chicago Partners Investment Group LLC bought a new position in shares of WAVE Life Sciences during the 1st quarter valued at about $103,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

WAVE Life Sciences Company Profile

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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