Wave Life Sciences’ (WVE) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Wave Life Sciences (NASDAQ:WVE) in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $22.00 price target on the stock.

Several other research analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a report on Saturday, March 8th. Jefferies Financial Group initiated coverage on Wave Life Sciences in a research note on Tuesday, February 25th. They issued a “buy” rating and a $26.00 target price on the stock. Two research 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 stock. According to data from MarketBeat.com, Wave Life Sciences has an average rating of “Moderate Buy” and an average price target of $22.60.

Wave Life Sciences Stock Performance

Shares of WVE opened at $8.62 on Wednesday. The firm has a market capitalization of $1.32 billion, a P/E ratio of -7.77 and a beta of -1.04. Wave Life Sciences has a 52 week low of $4.25 and a 52 week high of $16.74. The stock has a 50 day moving average price of $10.73 and a two-hundred day moving average price of $11.64.

Wave Life Sciences (NASDAQ:WVE) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.34. Wave Life Sciences had a negative return on equity of 280.57% and a negative net margin of 66.50%. The business had revenue of $83.75 million during the quarter, compared to the consensus estimate of $25.60 million. On average, equities analysts forecast that Wave Life Sciences will post -1.14 earnings per share for the current year.

Insider Buying and Selling at Wave Life Sciences

In other news, CEO Paul Bolno sold 169,025 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $9.57, for a total value of $1,617,569.25. Following the sale, the chief executive officer now owns 338,351 shares of the company’s stock, valued at $3,238,019.07. The trade was a 33.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christian O. Henry sold 10,500 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.77, for a total transaction of $102,585.00. Following the sale, the director now owns 16,115 shares in the company, valued at $157,443.55. The trade was a 39.45 % 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.

Hedge Funds Weigh In On Wave Life Sciences

Several hedge funds have recently made changes to their positions in WVE. Intech Investment Management LLC bought a new position in shares of Wave Life Sciences in the third quarter valued at approximately $194,000. Charles Schwab Investment Management Inc. lifted its stake in Wave Life Sciences by 209.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,617 shares of the company’s stock worth $6,926,000 after purchasing an additional 571,345 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Wave Life Sciences by 20.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 168,141 shares of the company’s stock valued at $1,379,000 after purchasing an additional 28,351 shares during the period. FMR LLC grew its position in shares of Wave Life Sciences by 174.5% during the 3rd quarter. FMR LLC now owns 1,540,190 shares of the company’s stock valued at $12,630,000 after purchasing an additional 979,110 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Wave Life Sciences by 477.7% in the third quarter. BNP Paribas Financial Markets now owns 41,828 shares of the company’s stock worth $343,000 after purchasing an additional 34,588 shares during the period. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

About Wave Life Sciences

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.