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

Key Points

• WAVE Life Sciences shares opened higher, rising from a prior close of $6.10 to $6.41 before trading near $6.11. The company’s market capitalization was approximately $1.19 billion.
• Analyst sentiment remains broadly positive but price targets were cut by Mizuho and B. Riley. MarketBeat reports a “Moderate Buy” consensus rating and an average target price of $22.53.
• WAVE missed quarterly expectations, reporting a loss of $0.34 per share versus the $0.30 consensus estimate and revenue of $2.27 million versus $7.45 million expected. Hedge funds and institutional investors own approximately 89.73% of the stock.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $6.10, but opened at $6.41. WAVE Life Sciences shares last traded at $6.1120, with a volume of 93,246 shares.

Analyst Ratings Changes

Several equities analysts have recently issued reports on WVE shares. Mizuho decreased their price objective on WAVE Life Sciences from $27.00 to $23.00 and set an "outperform" rating for the company in a research note on Tuesday, August 4th. Zacks Research upgraded shares of WAVE Life Sciences from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. B. Riley Financial reduced their target price on shares of WAVE Life Sciences from $31.00 to $22.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Weiss Ratings reiterated a "sell (d-)" rating on shares of WAVE Life Sciences in a research note on Friday, July 17th. Finally, UBS Group set a $13.00 price target on shares of WAVE Life Sciences in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $22.53.

WAVE Life Sciences Price Performance

The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -5.55 and a beta of -1.26. The stock has a 50 day simple moving average of $5.93 and a two-hundred day simple moving average of $8.66.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.04). WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%.The business had revenue of $2.27 million for the quarter, compared to analysts' expectations of $7.45 million. Equities research analysts predict that WAVE Life Sciences Ltd. will post -1.12 EPS for the current year.

Hedge Funds Weigh In On WAVE Life Sciences

Several hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in WAVE Life Sciences by 9.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,349 shares of the company's stock worth $463,000 after purchasing an additional 4,957 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of WAVE Life Sciences by 3.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 557,644 shares of the company's stock valued at $4,506,000 after buying an additional 20,624 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of WAVE Life Sciences by 22.5% in the 2nd quarter. Rhumbline Advisers now owns 162,599 shares of the company's stock valued at $1,057,000 after buying an additional 29,899 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of WAVE Life Sciences in the 2nd quarter valued at $80,000. Finally, Norges Bank purchased a new position in shares of WAVE Life Sciences in the 2nd quarter valued at $650,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

WAVE Life Sciences Company Profile

WAVE Life Sciences is a clinical-stage genetic medicines company focused on the discovery and development of stereopure oligonucleotide therapies designed to address serious diseases with high unmet medical need. Leveraging proprietary chemistry and precision synthesis, WAVE engineers drug candidates with defined stereochemistry to optimize potency, safety and manufacturability. This approach aims to enhance target specificity and improve therapeutic profiles compared with traditional oligonucleotide medicines.

The company's pipeline includes programs in neuromuscular disorders such as Duchenne muscular dystrophy and neurodegenerative conditions including Huntington's disease, as well as early-stage cardiovascular and liver indications.

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