Wave Life Sciences Ltd. (NASDAQ:WVE) Short Interest Up 23.3% in June

Wave Life Sciences Ltd. (NASDAQ:WVE) was the target of a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 3,120,000 shares, a growth of 23.3% from the May 31st total of 2,530,000 shares. Based on an average daily volume of 759,600 shares, the short-interest ratio is currently 4.1 days.

Wave Life Sciences Stock Performance

Wave Life Sciences stock opened at $4.99 on Monday. Wave Life Sciences has a fifty-two week low of $3.50 and a fifty-two week high of $7.67. The company has a market capitalization of $611.15 million, a PE ratio of -9.60 and a beta of -1.03. The company has a 50 day moving average price of $5.72 and a 200-day moving average price of $5.32.

Wave Life Sciences (NASDAQ:WVE) last issued its earnings results on Thursday, May 9th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The business had revenue of $12.54 million during the quarter, compared to analyst estimates of $25.67 million. During the same period last year, the company earned ($0.27) EPS. On average, analysts forecast that Wave Life Sciences will post -0.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on WVE shares. Truist Financial restated a “buy” rating and issued a $17.00 price target on shares of Wave Life Sciences in a research note on Monday, April 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $5.00 price target on shares of Wave Life Sciences in a report on Thursday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of Wave Life Sciences in a research note on Wednesday, June 26th. Mizuho restated an “outperform” rating and set a $19.00 price objective on shares of Wave Life Sciences in a research report on Tuesday, June 25th. Finally, Wells Fargo & Company began coverage on Wave Life Sciences in a research report on Wednesday, May 15th. They issued an “overweight” rating and a $11.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.29.

Insider Buying and Selling at Wave Life Sciences

In related news, CFO Kyle Moran sold 15,630 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total value of $96,437.10. Following the completion of the sale, the chief financial officer now directly owns 33,921 shares of the company’s stock, valued at approximately $209,292.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 31.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WVE. Ameritas Investment Partners Inc. increased its holdings in shares of Wave Life Sciences by 50.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock valued at $45,000 after acquiring an additional 2,451 shares during the period. Oxford Asset Management LLP bought a new position in Wave Life Sciences in the fourth quarter worth about $51,000. Tower Research Capital LLC TRC lifted its position in shares of Wave Life Sciences by 461.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,335 shares of the company’s stock valued at $57,000 after buying an additional 9,316 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Wave Life Sciences by 351.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,456 shares of the company’s stock valued at $58,000 after buying an additional 8,920 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Wave Life Sciences in the 4th quarter worth approximately $64,000. 89.73% of the stock is currently owned by institutional investors.

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.