WAVE Life Sciences (NASDAQ:WVE) Shares Gap Down – Here’s What Happened

WAVE Life Sciences Ltd. (NASDAQ:WVE) gapped down before the market opened on Wednesday . The stock had previously closed at $21.31, but opened at $20.37. WAVE Life Sciences shares last traded at $19.3350, with a volume of 7,014,204 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Raymond James Financial reissued an “outperform” rating and issued a $21.00 price target on shares of WAVE Life Sciences in a research note on Monday. Wells Fargo & Company boosted their price target on shares of WAVE Life Sciences from $16.00 to $29.00 and gave the stock an “overweight” rating in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of WAVE Life Sciences in a research note on Wednesday, October 8th. Canaccord Genuity Group boosted their target price on WAVE Life Sciences from $19.00 to $40.00 and gave the company a “buy” rating in a research note on Monday. Finally, Morgan Stanley set a $28.00 price target on shares of WAVE Life Sciences in a report on Monday. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.46.

WAVE Life Sciences Trading Down 5.4%

The company has a market cap of $3.37 billion, a PE ratio of -26.76 and a beta of -1.72. The business’s 50 day moving average is $8.01 and its two-hundred day moving average is $7.81.

WAVE Life Sciences (NASDAQ:WVE) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $7.61 million during the quarter, compared to analysts’ expectations of $9.85 million. WAVE Life Sciences had a negative net margin of 111.64% and a negative return on equity of 75.61%. As a group, equities research analysts predict that WAVE Life Sciences Ltd. will post -1.14 EPS for the current fiscal year.

Insider Buying and Selling

In other WAVE Life Sciences news, Director Adrian Rawcliffe sold 16,115 shares of the firm’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $6.79, for a total value of $109,420.85. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at $86,233. This trade represents a 55.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 23.98% of the company’s stock.

Institutional Investors Weigh In On WAVE Life Sciences

A number of institutional investors and hedge funds have recently bought and sold shares of WVE. Bessemer Group Inc. raised its holdings in shares of WAVE Life Sciences by 1,156.3% in the third quarter. Bessemer Group Inc. now owns 9,925 shares of the company’s stock valued at $72,000 after acquiring an additional 9,135 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of WAVE Life Sciences by 1,441.6% during the third quarter. Russell Investments Group Ltd. now owns 9,928 shares of the company’s stock valued at $73,000 after purchasing an additional 9,284 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in WAVE Life Sciences by 18.7% during the second quarter. Ameritas Investment Partners Inc. now owns 11,444 shares of the company’s stock valued at $74,000 after buying an additional 1,802 shares during the period. Tower Research Capital LLC TRC raised its stake in WAVE Life Sciences by 44.8% in the second quarter. Tower Research Capital LLC TRC now owns 11,658 shares of the company’s stock worth $76,000 after buying an additional 3,609 shares in the last quarter. Finally, Prudential Financial Inc. bought a new stake in WAVE Life Sciences during the 2nd quarter valued at $80,000. 89.73% of the stock is 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.