WAVE Life Sciences Ltd. (WVE) Short Interest Up 27.9% in September
WAVE Life Sciences Ltd. (NASDAQ:WVE) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 2,078,053 shares, a growth of 27.9% from the August 31st total of 1,624,753 shares. Based on an average daily trading volume, of 120,961 shares, the days-to-cover ratio is presently 17.2 days. Currently, 11.9% of the company’s stock are short sold.
WAVE Life Sciences (NASDAQ WVE) opened at 22.00 on Tuesday. The stock’s market capitalization is $610.72 million. The company has a 50-day moving average of $21.45 and a 200-day moving average of $21.28. WAVE Life Sciences has a one year low of $15.15 and a one year high of $40.15.
WAVE Life Sciences (NASDAQ:WVE) last announced its quarterly earnings data on Wednesday, August 9th. The company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). WAVE Life Sciences had a negative net margin of 3,375.12% and a negative return on equity of 55.19%. The company had revenue of $0.68 million for the quarter, compared to analysts’ expectations of $0.73 million. On average, equities analysts forecast that WAVE Life Sciences will post ($3.71) EPS for the current fiscal year.
In other news, insider Michael A. Panzara sold 7,414 shares of the stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $16.67, for a total value of $123,591.38. Following the sale, the insider now directly owns 15,336 shares of the company’s stock, valued at $255,651.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Masaharu Tanaka sold 20,747 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $24.21, for a total value of $502,284.87. The disclosure for this sale can be found here. 53.00% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Sabby Management LLC purchased a new stake in WAVE Life Sciences during the 2nd quarter valued at about $2,636,000. California State Teachers Retirement System increased its holdings in shares of WAVE Life Sciences by 43.8% in the second quarter. California State Teachers Retirement System now owns 21,009 shares of the company’s stock valued at $391,000 after purchasing an additional 6,400 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of WAVE Life Sciences by 71.0% in the second quarter. The Manufacturers Life Insurance Company now owns 9,422 shares of the company’s stock valued at $175,000 after purchasing an additional 3,912 shares during the period. Redmile Group LLC increased its holdings in shares of WAVE Life Sciences by 75.0% in the second quarter. Redmile Group LLC now owns 2,224,407 shares of the company’s stock valued at $41,374,000 after purchasing an additional 953,310 shares during the period. Finally, State Street Corp increased its holdings in shares of WAVE Life Sciences by 26.6% in the second quarter. State Street Corp now owns 151,241 shares of the company’s stock valued at $2,815,000 after purchasing an additional 31,743 shares during the period. 69.58% of the stock is owned by institutional investors.
Several equities analysts have recently weighed in on the company. Mizuho set a $34.00 price target on WAVE Life Sciences and gave the stock a “buy” rating in a research report on Friday, August 18th. Jefferies Group LLC reiterated a “buy” rating and issued a $40.00 price target (down previously from $42.00) on shares of WAVE Life Sciences in a research note on Thursday, August 10th. BidaskClub upgraded shares of WAVE Life Sciences from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. JMP Securities reissued an “outperform” rating and set a $40.00 price objective on shares of WAVE Life Sciences in a research report on Friday, June 9th. Finally, Zacks Investment Research downgraded shares of WAVE Life Sciences from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $40.00.
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WAVE Life Sciences Company Profile
WAVE Life Sciences Ltd. is a genetic medicines company. The Company, through its synthetic chemistry drug development platform, designs, develops and commercializes a pipeline of nucleic acid therapeutic candidates for genetically defined diseases. The Company is engaged in developing oligonucleotides that target genetic defects to either reduce the expression of disease-promoting proteins or transform the production of dysfunctional mutant proteins into the production of functional proteins.
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