WAVE Life Sciences (NASDAQ:WVE) Shares Gap Up – Here’s Why

by · The Markets Daily

WAVE Life Sciences Ltd. (NASDAQ:WVE – Get Free Report) shares gapped up before the market opened on Wednesday. The stock had previously closed at $3.64, but opened at $3.79. WAVE Life Sciences shares last traded at $3.7450, with a volume of 235,534 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on WVE shares. HC Wainwright reiterated a “buy” rating on shares of WAVE Life Sciences in a research note on Monday, August 3rd. Zacks Research cut WAVE Life Sciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. New Street Research set a $13.00 price objective on WAVE Life Sciences in a research report on Thursday, June 11th. Citigroup decreased their price target on shares of WAVE Life Sciences from $24.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. initiated coverage on WAVE Life Sciences in a research note on Wednesday, September 23rd. They issued a “neutral” rating for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.31.

Get Our Latest Research Report on WAVE Life Sciences

WAVE Life Sciences Stock Up 1.5%

The company has a market cap of $728.10 million, a P/E ratio of -3.39 and a beta of -1.30. The firm has a 50 day moving average of $5.06 and a 200-day moving average of $6.40.

WAVE Life Sciences (NASDAQ:WVE – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%.The business had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $7.45 million. On average, research analysts predict that WAVE Life Sciences Ltd. will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Adrian Rawcliffe sold 12,700 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $5.29, for a total value of $67,183.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heidi L. Wagner sold 7,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $6.01, for a total transaction of $42,070.00. Following the sale, the director directly owned 44,930 shares in the company, valued at $270,029.30. This trade represents a 13.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 23,564 shares of company stock worth $132,476. Insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On WAVE Life Sciences

A number of institutional investors have recently bought and sold shares of WVE. Integrated Wealth Concepts LLC purchased a new position in shares of WAVE Life Sciences during the second quarter worth $180,000. Squarepoint Ops LLC grew its position in WAVE Life Sciences by 68.0% during the 2nd quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company’s stock worth $14,766,000 after purchasing an additional 1,029,052 shares during the period. Arizona State Retirement System grew its position in WAVE Life Sciences by 17.1% during the 2nd quarter. Arizona State Retirement System now owns 35,826 shares of the company’s stock worth $208,000 after purchasing an additional 5,228 shares during the period. Readystate Asset Management LP purchased a new position in shares of WAVE Life Sciences during the 2nd quarter valued at about $27,465,000. Finally, AlphaGrep UK Ltd purchased a new position in shares of WAVE Life Sciences during the 2nd quarter valued at about $78,000. 89.73% of the stock is owned by hedge funds and other institutional investors.

WAVE Life Sciences Company Profile

(Get Free Report)

WAVE Life Sciences Ltd. (NASDAQ: WVE) is a biotechnology company focused on developing medicines that target RNA, the biological molecule that helps translate genetic information into proteins. The company uses its oligonucleotide chemistry and delivery technologies to pursue treatments for genetically defined diseases, including conditions affecting the liver, muscles and nervous system.

WAVE’s research programs include RNA editing medicines designed to correct or modify disease-related genetic messages without permanently altering DNA.

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