Wells Fargo & Company Issues Pessimistic Forecast for WAVE Life Sciences (NASDAQ:WVE) Stock Price

Key Points

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WAVE Life Sciences (NASDAQ:WVE - Free Report) had its price objective decreased by Wells Fargo & Company from $24.00 to $21.00 in a research note released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Oppenheimer initiated coverage on shares of WAVE Life Sciences in a research note on Monday, July 28th. They set an "outperform" rating and a $24.00 target price on the stock. Citigroup initiated coverage on shares of WAVE Life Sciences in a report on Wednesday, July 16th. They set a "buy" rating and a $16.00 target price on the stock. Wall Street Zen cut shares of WAVE Life Sciences from a "hold" rating to a "sell" rating in a research report on Friday, May 9th. Raymond James Financial initiated coverage on shares of WAVE Life Sciences in a research report on Wednesday, June 11th. They set an "outperform" rating and a $14.00 price target for the company. Finally, Wedbush reissued an "outperform" rating and set a $18.00 price target on shares of WAVE Life Sciences in a research report on Monday, June 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, WAVE Life Sciences has an average rating of "Moderate Buy" and a consensus target price of $20.27.

WAVE Life Sciences Stock Down 1.1%

Shares of WVE traded down $0.10 during trading hours on Thursday, reaching $8.53. 445,859 shares of the company traded hands, compared to its average volume of 1,293,229. The company's fifty day moving average price is $7.22 and its two-hundred day moving average price is $8.27. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -9.46 and a beta of -0.95. WAVE Life Sciences has a 12 month low of $5.04 and a 12 month high of $16.74.

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

Insiders Place Their Bets

In other news, Director Gregory L. Verdine sold 30,000 shares of WAVE Life Sciences 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 sale, the director directly owned 282,517 shares in the company, valued at $1,963,493.15. The trade was a 9.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 23.98% of the company's stock.

Institutional Trading of WAVE Life Sciences

Large investors have recently made changes to their positions in the stock. Squarepoint Ops LLC bought a new stake in shares of WAVE Life Sciences in the fourth quarter worth approximately $256,000. Corebridge Financial Inc. grew its stake in shares of WAVE Life Sciences by 10.7% in the fourth quarter. Corebridge Financial Inc. now owns 45,824 shares of the company's stock worth $567,000 after acquiring an additional 4,423 shares during the period. Vanguard Group Inc. grew its stake in shares of WAVE Life Sciences by 10.2% in the fourth quarter. Vanguard Group Inc. now owns 3,182,512 shares of the company's stock worth $39,368,000 after acquiring an additional 294,956 shares during the period. Principal Financial Group Inc. grew its stake in shares of WAVE Life Sciences by 23.9% in the first quarter. Principal Financial Group Inc. now owns 308,044 shares of the company's stock worth $2,489,000 after acquiring an additional 59,399 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of WAVE Life Sciences by 23.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,392 shares of the company's stock worth $648,000 after acquiring an additional 9,907 shares during the period. 89.73% of the stock is currently owned by institutional investors.

About WAVE Life Sciences

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.