Wave Life Sciences (NASDAQ:WVE) Shares Gap Down to $9.01

Wave Life Sciences Ltd. (NASDAQ:WVE)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $9.01, but opened at $8.32. Wave Life Sciences shares last traded at $8.41, with a volume of 1,999,669 shares changing hands.

Analyst Ratings Changes

A number of analysts recently commented on the stock. B. Riley began coverage on shares of Wave Life Sciences in a report on Thursday, September 19th. They issued a “buy” rating and a $11.00 target price on the stock. HC Wainwright upped their price target on Wave Life Sciences from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday. Mizuho reiterated 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, JPMorgan Chase & Co. assumed coverage on Wave Life Sciences in a report on Monday, September 9th. They issued an “overweight” rating and a $10.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.38.

Wave Life Sciences Stock Performance

The company’s 50 day moving average is $5.93 and its 200 day moving average is $5.83. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -15.92 and a beta of -1.13.

Wave Life Sciences (NASDAQ:WVE) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.09). The company had revenue of $19.69 million for the quarter, compared to analyst estimates of $24.80 million. Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 1,395.99%. During the same period in the prior year, the company posted ($0.20) EPS. On average, equities research analysts anticipate that Wave Life Sciences Ltd. will post -1.04 earnings per share for the current fiscal year.

Insider Activity at Wave Life Sciences

In other news, CEO Paul Bolno sold 48,366 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $5.78, for a total transaction of $279,555.48. Following the completion of the sale, the chief executive officer now owns 359,059 shares of the company’s stock, valued at $2,075,361.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 29.10% of the stock is owned by insiders.

Institutional Trading of Wave Life Sciences

Several large investors have recently made changes to their positions in the business. Mackenzie Financial Corp raised its position in shares of Wave Life Sciences by 13.6% during the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after acquiring an additional 1,905 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in Wave Life Sciences by 50.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock valued at $45,000 after purchasing an additional 2,451 shares during the period. Rhumbline Advisers lifted its position in Wave Life Sciences by 3.4% during the 2nd quarter. Rhumbline Advisers now owns 125,834 shares of the company’s stock valued at $628,000 after purchasing an additional 4,092 shares during the period. Swiss National Bank boosted its stake in shares of Wave Life Sciences by 2.7% in the 1st quarter. Swiss National Bank now owns 156,500 shares of the company’s stock valued at $966,000 after purchasing an additional 4,100 shares during the last quarter. Finally, Capstone Investment Advisors LLC grew its position in shares of Wave Life Sciences by 9.0% during the 1st quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company’s stock worth $336,000 after buying an additional 4,500 shares during the period. Institutional investors 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.