Wave Life Sciences (NASDAQ:WVE) Reaches New 52-Week High Following Analyst Upgrade

Wave Life Sciences Ltd. (NASDAQ:WVE) hit a new 52-week high on Wednesday after HC Wainwright raised their price target on the stock from $15.00 to $22.00. HC Wainwright currently has a buy rating on the stock. Wave Life Sciences traded as high as $8.83 and last traded at $8.81, with a volume of 914282 shares traded. The stock had previously closed at $8.19.

Several other brokerages have also weighed in on WVE. Mizuho reissued an “outperform” rating and set a $19.00 target price on shares of Wave Life Sciences in a research report on Tuesday, June 25th. B. Riley began coverage on Wave Life Sciences in a research report on Thursday, September 19th. They set a “buy” rating and a $11.00 price target on the stock. Finally, JPMorgan Chase & Co. began coverage on Wave Life Sciences in a research report on Monday, September 9th. They set an “overweight” rating and a $10.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

Insider Buying and Selling at Wave Life Sciences

In related news, CEO Paul Bolno sold 48,366 shares of Wave Life Sciences stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total value of $279,555.48. Following the sale, 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 SEC, which can be accessed through this link. Company insiders own 29.10% of the company’s stock.

Institutional Trading of Wave Life Sciences

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

Wave Life Sciences Stock Up 7.6 %

The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -16.94 and a beta of -1.13. The stock has a fifty day moving average price of $5.87 and a two-hundred day moving average price of $5.80.

Wave Life Sciences (NASDAQ:WVE) last released its earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.09). The business had revenue of $19.69 million during 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 quarter in the previous year, the company posted ($0.20) earnings per share. As a group, research analysts forecast that Wave Life Sciences Ltd. will post -1.04 earnings per share for the current fiscal year.

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.