Wells Fargo & Company Boosts Wave Life Sciences (NASDAQ:WVE) Price Target to $22.00

Wave Life Sciences (NASDAQ:WVE) had its target price lifted by Wells Fargo & Company from $11.00 to $22.00 in a research report report published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research firms have also commented on WVE. Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $13.00 to $22.00 in a research report on Wednesday. Mizuho restated 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 raised their price objective on shares of Wave Life Sciences from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. initiated coverage on shares of Wave Life Sciences in a research report on Friday, September 27th. They issued an “overweight” rating and a $13.00 price objective for the company. Finally, Royal Bank of Canada raised their price objective on shares of Wave Life Sciences from $5.00 to $7.00 and gave the company a “sector perform” rating in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wave Life Sciences currently has an average rating of “Moderate Buy” and a consensus target price of $18.56.

Wave Life Sciences Stock Up 4.8 %

Shares of NASDAQ:WVE opened at $15.31 on Wednesday. The firm has a market capitalization of $1.88 billion, a PE ratio of -29.44 and a beta of -1.10. Wave Life Sciences has a twelve month low of $3.50 and a twelve month high of $15.92. The company has a 50-day moving average price of $7.10 and a two-hundred day moving average price of $6.22.

Wave Life Sciences (NASDAQ:WVE) last issued its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.09). The business had revenue of $19.69 million for the quarter, compared to the consensus estimate of $24.80 million. Wave Life Sciences had a negative return on equity of 1,395.99% and a negative net margin of 66.50%. During the same quarter in the prior year, the business earned ($0.20) EPS. Analysts anticipate that Wave Life Sciences will post -1.02 earnings per share for the current fiscal year.

Insider Activity at Wave Life Sciences

In related 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 value of $279,555.48. Following the sale, the chief executive officer now directly owns 359,059 shares of the company’s stock, valued at $2,075,361.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Wave Life Sciences news, CEO Paul Bolno sold 48,366 shares of Wave Life Sciences 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 transaction, the chief executive officer now directly owns 359,059 shares of the company’s stock, valued at approximately $2,075,361.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Plc Gsk purchased 2,791,930 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were acquired at an average cost of $8.00 per share, for a total transaction of $22,335,440.00. Following the completion of the purchase, the insider now directly owns 16,775,691 shares of the company’s stock, valued at approximately $134,205,528. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 364,822 shares of company stock valued at $4,645,768 over the last three months. 29.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. grew its holdings in shares of Wave Life Sciences by 50.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock worth $45,000 after purchasing an additional 2,451 shares during the last quarter. Profund Advisors LLC bought a new position in shares of Wave Life Sciences in the second quarter worth approximately $53,000. Principal Financial Group Inc. bought a new position in shares of Wave Life Sciences in the second quarter worth approximately $74,000. Mackenzie Financial Corp grew its holdings in shares of Wave Life Sciences by 13.6% in the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after purchasing an additional 1,905 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Wave Life Sciences in the second quarter worth approximately $104,000. 89.73% of the stock is owned by hedge funds and other 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.