WAVE Life Sciences (NASDAQ:WVE) Shares Down 6.9% on Disappointing Earnings

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s share price was down 6.9% on Monday following a dissappointing earnings announcement. The stock traded as low as $7.34 and last traded at $7.3210. Approximately 576,916 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 1,674,250 shares. The stock had previously closed at $7.86.

The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02).

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WVE. HC Wainwright reiterated a “buy” rating and set a $22.00 target price on shares of WAVE Life Sciences in a report on Wednesday, September 3rd. Oppenheimer began coverage on WAVE Life Sciences in a research report on Monday, July 28th. They set an “outperform” rating and a $24.00 target price on the stock. Citigroup assumed coverage on WAVE Life Sciences in a research note on Wednesday, July 16th. They set a “buy” rating and a $16.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 price target on shares of WAVE Life Sciences in a report on Monday, October 27th. Finally, Wells Fargo & Company began coverage on shares of WAVE Life Sciences in a research note on Monday, October 20th. They issued an “overweight” rating and a $18.00 target price on the stock. Twelve analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.08.

Insider Buying and Selling at WAVE Life Sciences

In other WAVE Life Sciences news, Director Gregory L. Verdine sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $10.00, for a total value of $100,000.00. Following the sale, the director owned 285,217 shares in the company, valued at approximately $2,852,170. This trade represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christian O. Henry sold 9,670 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $8.81, for a total value of $85,192.70. Following the sale, the director owned 29,645 shares of the company’s stock, valued at $261,172.45. This trade represents a 24.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 237,021 shares of company stock valued at $2,380,438 in the last ninety days. Company insiders own 23.98% of the company’s stock.

Institutional Investors Weigh In On WAVE Life Sciences

A number of institutional investors have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. lifted its position in shares of WAVE Life Sciences by 20.0% in the second quarter. Adage Capital Partners GP L.L.C. now owns 15,016,500 shares of the company’s stock worth $97,607,000 after purchasing an additional 2,500,000 shares in the last quarter. 683 Capital Management LLC increased its stake in WAVE Life Sciences by 4.5% in the 2nd quarter. 683 Capital Management LLC now owns 4,100,000 shares of the company’s stock valued at $26,650,000 after buying an additional 175,000 shares during the period. Federated Hermes Inc. lifted its position in WAVE Life Sciences by 678,144.7% in the 3rd quarter. Federated Hermes Inc. now owns 3,750,693 shares of the company’s stock worth $27,455,000 after buying an additional 3,750,140 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of WAVE Life Sciences by 35.3% during the 2nd quarter. Loomis Sayles & Co. L P now owns 3,295,700 shares of the company’s stock valued at $21,422,000 after buying an additional 859,160 shares during the period. Finally, Emerald Advisers LLC increased its stake in shares of WAVE Life Sciences by 3.9% in the second quarter. Emerald Advisers LLC now owns 3,257,119 shares of the company’s stock worth $21,171,000 after acquiring an additional 123,561 shares during the last quarter. 89.73% of the stock is currently owned by institutional investors and hedge funds.

WAVE Life Sciences Stock Down 6.4%

The stock’s 50 day moving average price is $7.58 and its two-hundred day moving average price is $7.55. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -8.15 and a beta of -1.44.

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.