WAVE Life Sciences (NASDAQ:WVE) Shares Gap Up - Time to Buy?

Key Points

• The shares of WAVE Life Sciences gapped up from $8.40 to $8.79 at market open, with last trades at $8.43 and a trading volume of 289,750 shares.
• Analyst ratings for WAVE Life Sciences include a mix of recommendations, with 13 analysts rating the stock as a "buy" and a consensus price target of $20.43.
• Insider activity showed Director Gregory L. Verdine sold 30,000 shares at $6.95, resulting in a 9.60% decrease in his ownership.

Shares of WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $8.40, but opened at $8.79. WAVE Life Sciences shares last traded at $8.43, with a volume of 289,750 shares.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WVE. Oppenheimer began coverage on shares of WAVE Life Sciences in a research note on Monday. They set an "outperform" rating and a $24.00 price target on the stock. Cantor Fitzgerald started coverage on WAVE Life Sciences in a research report on Tuesday, April 29th. They set an "overweight" rating and a $10.00 target price on the stock. Citigroup started coverage on WAVE Life Sciences in a research report on Wednesday, July 16th. They set a "buy" rating and a $16.00 target price on the stock. Wall Street Zen lowered WAVE Life Sciences from a "hold" rating to a "sell" rating in a research report on Friday, May 9th. Finally, Raymond James Financial initiated coverage on shares of WAVE Life Sciences in a report on Wednesday, June 11th. They issued an "outperform" rating and a $14.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, WAVE Life Sciences currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.43.

WAVE Life Sciences Stock Up 1.8%

The stock has a 50 day simple moving average of $7.01 and a 200 day simple moving average of $8.38. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -10.18 and a beta of -1.01.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.02). The firm had revenue of $9.18 million for the quarter, compared to analyst estimates of $11.65 million. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. As a group, equities research analysts expect that WAVE Life Sciences Ltd. will post -1.14 EPS for the current fiscal year.

Insider Activity

In other WAVE Life Sciences news, Director Gregory L. Verdine sold 30,000 shares of the 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 sale, the director directly owned 282,517 shares of the company's stock, valued at approximately $1,963,493.15. This represents a 9.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 23.98% of the company's stock.

Institutional Investors Weigh In On WAVE Life Sciences

Several large investors have recently made changes to their positions in the company. GF Fund Management CO. LTD. acquired a new position in WAVE Life Sciences during the fourth quarter worth about $40,000. Quarry LP acquired a new position in shares of WAVE Life Sciences in the 4th quarter worth approximately $62,000. Knott David M Jr acquired a new position in WAVE Life Sciences in the first quarter worth approximately $81,000. Ascent Group LLC acquired a new position in WAVE Life Sciences in the first quarter worth approximately $83,000. Finally, Chicago Partners Investment Group LLC acquired a new position in WAVE Life Sciences in the first quarter worth approximately $103,000. Institutional investors and hedge funds own 89.73% of the company's stock.

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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