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

Wave Life Sciences Ltd. (NASDAQ:WVE) shares reached a new 52-week high during mid-day trading 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 trading hands. The stock had previously closed at $8.19.

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

Insider Activity at Wave Life Sciences

In related news, CEO Paul Bolno sold 48,366 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 359,059 shares of the company’s stock, valued at approximately $2,075,361.02. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 29.10% of the stock is owned by corporate insiders.

Institutional Trading of Wave Life Sciences

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Swiss National Bank purchased a new position in shares of Wave Life Sciences during the 4th quarter worth $770,000. SG Americas Securities LLC purchased a new position in shares of Wave Life Sciences during the 2nd quarter worth $668,000. Vanguard Group Inc. grew its holdings in shares of Wave Life Sciences by 39.7% during the 1st quarter. Vanguard Group Inc. now owns 1,834,090 shares of the company’s stock worth $11,316,000 after purchasing an additional 521,665 shares during the period. Virtu Financial LLC purchased a new position in shares of Wave Life Sciences during the 4th quarter worth $174,000. Finally, Capstone Investment Advisors LLC boosted its holdings in Wave Life Sciences by 9.0% during the 1st quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company’s stock valued at $336,000 after acquiring an additional 4,500 shares during the period. 89.73% of the stock is owned by institutional investors and hedge funds.

Wave Life Sciences Trading Up 7.6 %

The business has a fifty day moving average of $5.87 and a 200 day moving average of $5.80. The company has a market capitalization of $1.10 billion, a PE ratio of -16.94 and a beta of -1.13.

Wave Life Sciences (NASDAQ:WVE) last announced its earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.09). Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 1,395.99%. The firm had revenue of $19.69 million for the quarter, compared to analysts’ expectations of $24.80 million. During the same quarter last year, the business earned ($0.20) earnings per share. Equities analysts forecast that Wave Life Sciences Ltd. will post -1.04 EPS for the current fiscal year.

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.