WAVE Life Sciences (NASDAQ:WVE) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• WAVE Life Sciences reported a quarterly earnings per share (EPS) of ($0.31), missing expectations by $0.02 with revenue of $8.70 million compared to forecasts of $11.52 million.
• The company's stock saw a 4.8% increase, trading at $8.49, despite a 1-year low of $5.04 and a high of $16.74.
• Analysts have mixed ratings for WAVE Life Sciences, with the average price target set at $20.36 and one analyst lowering their rating to sell.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) released its earnings results on Wednesday. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.02), Zacks reports. The firm had revenue of $8.70 million for the quarter, compared to analysts' expectations of $11.52 million.

WAVE Life Sciences Stock Up 4.8%

Shares of WAVE Life Sciences stock traded up $0.39 during trading hours on Friday, reaching $8.49. 642,295 shares of the company's stock were exchanged, compared to its average volume of 1,291,236. WAVE Life Sciences has a 1 year low of $5.04 and a 1 year high of $16.74. The company has a market capitalization of $1.32 billion, a P/E ratio of -9.45 and a beta of -1.01. The business has a fifty day moving average of $7.12 and a two-hundred day moving average of $8.35.

Analysts Set New Price Targets

Several research firms recently commented on WVE. Oppenheimer began coverage on shares of WAVE Life Sciences in a research note on Monday. They issued an "outperform" rating and a $24.00 price target on the stock. Wells Fargo & Company reduced their price target on shares of WAVE Life Sciences from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday. Wedbush restated an "outperform" rating and issued a $18.00 price target on shares of WAVE Life Sciences in a report on Monday, June 23rd. Wall Street Zen lowered shares of WAVE Life Sciences from a "hold" rating to a "sell" rating in a report on Friday, May 9th. Finally, Cantor Fitzgerald initiated coverage on shares of WAVE Life Sciences in a report on Tuesday, April 29th. They issued an "overweight" rating and a $10.00 price target for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.36.

Insider Activity

In other news, Director Gregory L. Verdine sold 30,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $6.95, for a total transaction of $208,500.00. Following the completion of the sale, the director owned 282,517 shares of the company's stock, valued at $1,963,493.15. This represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.98% of the stock is owned by insiders.

Institutional Investors Weigh In On WAVE Life Sciences

An institutional investor recently raised its position in WAVE Life Sciences stock. Goldman Sachs Group Inc. raised its stake in WAVE Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 3.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 557,644 shares of the company's stock after buying an additional 20,624 shares during the quarter. Goldman Sachs Group Inc. owned about 0.36% of WAVE Life Sciences worth $4,506,000 at the end of the most recent quarter. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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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