Short Interest in Wave Life Sciences Ltd. (NASDAQ:WVE) Grows By 23.3%

Wave Life Sciences Ltd. (NASDAQ:WVE) was the recipient of a large growth in short interest in June. As of June 15th, there was short interest totalling 3,120,000 shares, a growth of 23.3% from the May 31st total of 2,530,000 shares. Based on an average daily trading volume, of 759,600 shares, the short-interest ratio is currently 4.1 days.

Wave Life Sciences Price Performance

Wave Life Sciences stock opened at $4.99 on Friday. The firm has a 50 day simple moving average of $5.72 and a 200-day simple moving average of $5.31. The stock has a market cap of $611.13 million, a price-to-earnings ratio of -9.60 and a beta of -1.03. Wave Life Sciences has a 1-year low of $3.50 and a 1-year high of $7.67.

Wave Life Sciences (NASDAQ:WVE) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The company had revenue of $12.54 million during the quarter, compared to the consensus estimate of $25.67 million. During the same period last year, the firm earned ($0.27) EPS. Equities analysts expect that Wave Life Sciences will post -0.85 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Kyle Moran sold 15,630 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total value of $96,437.10. Following the completion of the sale, the chief financial officer now owns 33,921 shares of the company’s stock, valued at approximately $209,292.57. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 31.10% of the company’s stock.

Institutional Trading of Wave Life Sciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Laurion Capital Management LP raised its position in Wave Life Sciences by 5.1% in the third quarter. Laurion Capital Management LP now owns 871,500 shares of the company’s stock valued at $5,011,000 after purchasing an additional 42,662 shares during the period. Wellington Management Group LLP raised its holdings in shares of Wave Life Sciences by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 264,885 shares of the company’s stock valued at $1,523,000 after buying an additional 10,830 shares during the period. Kraematon Investment Advisors Inc. acquired a new position in Wave Life Sciences during the 4th quarter worth about $237,000. SG Americas Securities LLC boosted its holdings in Wave Life Sciences by 33.6% during the 4th quarter. SG Americas Securities LLC now owns 34,562 shares of the company’s stock valued at $175,000 after acquiring an additional 8,694 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in Wave Life Sciences by 351.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,456 shares of the company’s stock valued at $58,000 after acquiring an additional 8,920 shares in the last quarter. 89.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WVE has been the subject of a number of research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $5.00 target price on shares of Wave Life Sciences in a report on Thursday, March 7th. Wells Fargo & Company started coverage on Wave Life Sciences in a report on Wednesday, May 15th. They issued an “overweight” rating and a $11.00 price objective on the stock. Truist Financial reaffirmed a “buy” rating and set a $17.00 target price on shares of Wave Life Sciences in a report on Monday, April 1st. Mizuho reissued an “outperform” rating and issued a $19.00 price target on shares of Wave Life Sciences in a research note on Tuesday, June 25th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $15.00 price objective on shares of Wave Life Sciences in a research note on Wednesday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.29.

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.