Wave Life Sciences (NASDAQ:WVE) Stock Rating Upgraded by Raymond James

Wave Life Sciences (NASDAQ:WVE) was upgraded by Raymond James from an “outperform” rating to a “strong-buy” rating in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $22.00 target price on the stock, up from their previous target price of $13.00. Raymond James’ price target points to a potential upside of 50.58% from the company’s previous close.

Other research analysts also recently issued research reports about the company. 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. HC Wainwright increased their target price on Wave Life Sciences from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. began coverage on Wave Life Sciences in a research report on Friday, September 27th. They set an “overweight” rating and a $13.00 target price for the company. Royal Bank of Canada increased their price target 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. Finally, B. Riley boosted their price objective on shares of Wave Life Sciences from $11.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Two 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. According to data from MarketBeat, Wave Life Sciences currently has a consensus rating of “Moderate Buy” and an average price target of $18.56.

Wave Life Sciences Stock Down 1.9 %

Shares of WVE opened at $14.61 on Wednesday. The stock’s fifty day simple moving average is $6.90 and its 200-day simple moving average is $6.16. The firm has a market capitalization of $1.79 billion, a PE ratio of -28.10 and a beta of -1.10. Wave Life Sciences has a 12-month low of $3.50 and a 12-month high of $15.92.

Wave Life Sciences (NASDAQ:WVE) last issued its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $19.69 million during the quarter, compared to the consensus estimate of $24.80 million. During the same period last year, the business posted ($0.20) EPS. Analysts anticipate that Wave Life Sciences will post -1.02 EPS for the current year.

Insider Activity

In other news, major shareholder Plc Gsk bought 2,791,930 shares of the stock in a transaction on Friday, September 27th. The stock was purchased at an average price of $8.00 per share, for a total transaction of $22,335,440.00. Following the acquisition, the insider now owns 16,775,691 shares in the company, valued at approximately $134,205,528. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Wave Life Sciences news, major shareholder Plc Gsk purchased 2,791,930 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was bought at an average cost of $8.00 per share, with a total value of $22,335,440.00. Following the purchase, the insider now directly owns 16,775,691 shares of the company’s stock, valued at $134,205,528. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kyle Moran sold 17,146 shares of Wave Life Sciences stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $9.00, for a total transaction of $154,314.00. Following the completion of the sale, the chief financial officer now owns 19,777 shares in the company, valued at $177,993. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 29.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WVE. Ameritas Investment Partners Inc. lifted its stake in Wave Life Sciences by 50.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock valued at $45,000 after acquiring an additional 2,451 shares during the last quarter. Profund Advisors LLC acquired a new stake in Wave Life Sciences in the 2nd quarter valued at about $53,000. Principal Financial Group Inc. bought a new position in Wave Life Sciences during the second quarter worth about $74,000. Mackenzie Financial Corp grew its holdings in 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. Finally, Hsbc Holdings PLC acquired a new position in Wave Life Sciences during the second quarter worth approximately $104,000. 89.73% of the stock is currently owned by 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.