Wave Life Sciences (NASDAQ:WVE) Shares Gap Up to $5.34

Wave Life Sciences Ltd. (NASDAQ:WVE)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $5.34, but opened at $6.41. Wave Life Sciences shares last traded at $7.45, with a volume of 1,159,708 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WVE. B. Riley initiated coverage on Wave Life Sciences in a research note on Thursday, September 19th. They issued a “buy” rating and a $11.00 target price on the stock. Mizuho reaffirmed an “outperform” rating and issued a $19.00 price objective on shares of Wave Life Sciences in a research report on Tuesday, June 25th. HC Wainwright reissued a “buy” rating and set a $15.00 target price on shares of Wave Life Sciences in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. started coverage on Wave Life Sciences in a report on Monday, September 9th. They set an “overweight” rating and a $10.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.50.

Wave Life Sciences Stock Up 48.3 %

The business has a 50 day moving average price of $5.83 and a 200 day moving average price of $5.79. The stock has a market cap of $970.00 million, a PE ratio of -12.85 and a beta of -1.13.

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

Insiders Place Their Bets

In other Wave Life Sciences news, CEO Paul Bolno sold 48,366 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 359,059 shares in the company, valued at $2,075,361.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 29.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wave Life Sciences

Large investors have recently bought and sold shares of the company. Swiss National Bank acquired a new stake in Wave Life Sciences during the 4th quarter worth $770,000. Teacher Retirement System of Texas purchased a new stake in Wave Life Sciences during the 4th quarter valued at about $86,000. Trexquant Investment LP purchased a new stake in Wave Life Sciences during the 4th quarter valued at about $162,000. TD Asset Management Inc raised its holdings in Wave Life Sciences by 26.5% in the 4th quarter. TD Asset Management Inc now owns 205,746 shares of the company’s stock valued at $1,039,000 after acquiring an additional 43,054 shares during the last quarter. Finally, M28 Capital Management LP lifted its stake in Wave Life Sciences by 4.7% in the 4th quarter. M28 Capital Management LP now owns 7,373,413 shares of the company’s stock worth $37,236,000 after purchasing an additional 328,913 shares in the last quarter. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

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.