WAVE Life Sciences (NASDAQ:WVE) Stock Price Up 6.3% - Here's Why

Key Points

• WAVE Life Sciences' stock rose 6.3% to $8.61, despite a decrease in trading volume by 14% from the average session.
• Analysts have set new price targets for the stock, ranging from $10.00 to $24.00, with a generally favorable consensus rating of "Moderate Buy".
• The company reported a quarterly EPS of ($0.31), missing estimates, with revenues of $8.70 million against an expectation of $11.52 million.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) shares rose 6.3% during trading on Friday . The stock traded as high as $8.66 and last traded at $8.61. Approximately 1,110,407 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 1,293,867 shares. The stock had previously closed at $8.10.

Analyst Upgrades and Downgrades

WVE has been the subject of several recent analyst reports. Citigroup assumed coverage on shares of WAVE Life Sciences in a report on Wednesday, July 16th. They issued a "buy" rating and a $16.00 target price for the company. Raymond James Financial initiated coverage on shares of WAVE Life Sciences in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $14.00 price objective on the stock. Wells Fargo & Company reduced their target price on WAVE Life Sciences from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Wall Street Zen cut WAVE Life Sciences from a "hold" rating to a "sell" rating in a research report on Friday, May 9th. Finally, Oppenheimer started 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.27.

WAVE Life Sciences Trading Up 0.7%

The stock has a market cap of $1.40 billion, a P/E ratio of -9.80 and a beta of -0.95. The company has a 50 day simple moving average of $7.27 and a 200 day simple moving average of $8.25.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last posted its quarterly 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 company had revenue of $8.70 million during the quarter, compared to analyst estimates of $11.52 million. As a group, sell-side analysts expect that WAVE Life Sciences Ltd. will post -1.14 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Gregory L. Verdine sold 30,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $6.95, for a total value of $208,500.00. Following the sale, the director owned 282,517 shares in the company, valued at approximately $1,963,493.15. This represents a 9.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 23.98% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in WAVE Life Sciences in the fourth quarter valued at about $40,000. Quarry LP acquired a new stake in WAVE Life Sciences during the 4th quarter worth about $62,000. Summit Investment Advisors Inc. increased its holdings in WAVE Life Sciences by 31.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock worth $119,000 after purchasing an additional 2,308 shares in the last quarter. Knott David M Jr bought a new stake in WAVE Life Sciences in the first quarter worth approximately $81,000. Finally, Ascent Group LLC acquired a new position in WAVE Life Sciences during the 1st quarter worth approximately $83,000. Institutional investors own 89.73% of the company's stock.

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.