WAVE Life Sciences (NASDAQ:WVE) Sets New 52-Week High – Here’s Why

Shares of WAVE Life Sciences Ltd. (NASDAQ:WVE) reached a new 52-week high on Tuesday . The stock traded as high as $19.60 and last traded at $18.52, with a volume of 145902926 shares. The stock had previously closed at $7.49.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Leerink Partners reissued an “outperform” rating on shares of WAVE Life Sciences in a research note on Monday. Royal Bank Of Canada upgraded WAVE Life Sciences from a “sector perform” rating to an “outperform” rating and set a $27.00 price objective for the company in a research report on Monday. Canaccord Genuity Group set a $40.00 target price on shares of WAVE Life Sciences in a report on Monday. Wells Fargo & Company reduced their price target on shares of WAVE Life Sciences from $18.00 to $16.00 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Finally, Morgan Stanley set a $28.00 price objective on shares of WAVE Life Sciences in a research report on Monday. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.17.

WAVE Life Sciences Stock Up 147.3%

The firm has a fifty day moving average of $7.73 and a 200-day moving average of $7.70. The firm has a market cap of $3.10 billion, a P/E ratio of -24.69 and a beta of -1.72.

WAVE Life Sciences (NASDAQ:WVE) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). WAVE Life Sciences had a negative return on equity of 75.61% and a negative net margin of 111.64%.The company had revenue of $7.61 million for the quarter, compared to analyst estimates of $9.85 million. On average, equities analysts forecast that WAVE Life Sciences Ltd. will post -1.14 EPS for the current year.

Insiders Place Their Bets

In other WAVE Life Sciences news, Director Adrian Rawcliffe sold 16,115 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $6.79, for a total transaction of $109,420.85. Following the sale, the director directly owned 12,700 shares of the company’s stock, valued at approximately $86,233. This represents a 55.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 23.98% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WVE. Bessemer Group Inc. raised its holdings in shares of WAVE Life Sciences by 1,156.3% in the 3rd quarter. Bessemer Group Inc. now owns 9,925 shares of the company’s stock valued at $72,000 after purchasing an additional 9,135 shares during the period. Russell Investments Group Ltd. increased its position in 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 worth $73,000 after buying an additional 9,284 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in WAVE Life Sciences by 18.7% in 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 lifted its position in shares of 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 valued at $76,000 after buying an additional 3,609 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new stake in shares of WAVE Life Sciences in the second quarter valued at approximately $80,000. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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.