Wave Life Sciences (NASDAQ:WVE) Sets New 1-Year High After Analyst Upgrade

by · The Cerbat Gem

Wave Life Sciences Ltd. (NASDAQ:WVE – Get Free Report)’s share price reached 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. The stock had previously closed at $8.19.

Several other research firms have also issued reports on WVE. 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 for the company. JPMorgan Chase & Co. initiated coverage on Wave Life Sciences in a research report on Monday, September 9th. They set an “overweight” rating and a $10.00 target price for the company. Finally, Mizuho reaffirmed an “outperform” rating and set a $19.00 target price on shares of Wave Life Sciences in a research note on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

Check Out Our Latest Report on Wave Life Sciences

Insider Buying and Selling at Wave Life Sciences

In other news, CEO Paul Bolno sold 48,366 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $2,075,361.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 29.10% of the stock is owned by insiders.

Institutional Trading of Wave Life Sciences

Several large investors have recently bought and sold shares of WVE. Driehaus Capital Management LLC lifted its position in Wave Life Sciences by 62.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 908,096 shares of the company’s stock worth $4,531,000 after acquiring an additional 348,300 shares during the period. Mackenzie Financial Corp lifted its holdings 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 purchasing an additional 1,905 shares during the period. The Manufacturers Life Insurance Company boosted its position in Wave Life Sciences by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 139,790 shares of the company’s stock valued at $698,000 after buying an additional 4,914 shares during the last quarter. Millennium Management LLC increased its holdings in Wave Life Sciences by 1.8% in the 2nd quarter. Millennium Management LLC now owns 1,664,300 shares of the company’s stock worth $8,305,000 after buying an additional 28,690 shares during the period. Finally, AQR Capital Management LLC raised its position in Wave Life Sciences by 26.3% during the 2nd quarter. AQR Capital Management LLC now owns 33,529 shares of the company’s stock worth $167,000 after buying an additional 6,973 shares during the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.

Wave Life Sciences Stock Performance

The firm has a market capitalization of $982.25 million, a price-to-earnings ratio of -15.42 and a beta of -1.13. The firm’s 50 day simple moving average is $5.98 and its 200 day simple moving average is $5.84.

Wave Life Sciences (NASDAQ:WVE – Get Free Report) last posted its quarterly 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 analysts’ expectations 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 previous year, the company posted ($0.20) earnings per share. As a group, sell-side analysts forecast that Wave Life Sciences Ltd. will post -1.04 earnings per share for the current year.

Wave Life Sciences Company Profile

(Get Free Report)

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.

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