WAVE Life Sciences (NASDAQ:WVE) Shares Gap Up on Better-Than-Expected Earnings

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $3.21, but opened at $3.55. WAVE Life Sciences shares last traded at $3.3450, with a volume of 331,315 shares changing hands.

The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.03. WAVE Life Sciences had a negative net margin of 309.73% and a negative return on equity of 50.36%. The firm had revenue of $13.16 million during the quarter, compared to analysts’ expectations of $4.51 million.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WVE. UBS Group began coverage on WAVE Life Sciences in a research report on Thursday, October 15th. They set a “buy” rating and a $11.00 target price for the company. HC Wainwright restated a “buy” rating on shares of WAVE Life Sciences in a report on Friday, October 2nd. JPMorgan Chase & Co. started coverage on shares of WAVE Life Sciences in a research note on Wednesday, September 23rd. They issued a “neutral” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of WAVE Life Sciences in a report on Thursday, October 15th. Finally, William Blair assumed coverage on shares of WAVE Life Sciences in a research report on Friday, October 16th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, WAVE Life Sciences has an average rating of “Moderate Buy” and a consensus price target of $21.53.

Insider Transactions at WAVE Life Sciences

In related news, Director Heidi L. Wagner sold 7,000 shares of WAVE Life Sciences stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $6.01, for a total transaction of $42,070.00. Following the transaction, the director directly owned 44,930 shares of the company’s stock, valued at $270,029.30. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Adrian Rawcliffe sold 12,700 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $5.29, for a total value of $67,183.00. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 23,564 shares of company stock valued at $132,476. 24.34% of the stock is owned by insiders.

Institutional Investors Weigh In On WAVE Life Sciences

A number of hedge funds and other institutional investors have recently bought and sold shares of WVE. AlphaGrep UK Ltd acquired a new stake in WAVE Life Sciences in the second quarter valued at approximately $78,000. First Trust Advisors LP boosted its holdings in WAVE Life Sciences by 15.7% in the first quarter. First Trust Advisors LP now owns 13,518 shares of the company’s stock worth $98,000 after acquiring an additional 1,830 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in WAVE Life Sciences in the second quarter worth about $111,000. Chicago Partners Investment Group LLC purchased a new stake in shares of WAVE Life Sciences during the first quarter worth about $124,000. Finally, Gabelli Funds LLC purchased a new stake in shares of WAVE Life Sciences during the first quarter worth about $127,000. Hedge funds and other institutional investors own 89.73% of the company’s stock.

WAVE Life Sciences Stock Up 3.6%

The firm has a market cap of $655.78 million, a PE ratio of -3.05 and a beta of -1.43. The stock has a 50 day moving average price of $4.20 and a two-hundred day moving average price of $7.71.

About WAVE Life Sciences

WAVE Life Sciences Ltd. (NASDAQ: WVE) is a biotechnology company focused on developing medicines that act on RNA, a molecule involved in translating genetic information into proteins. The company uses its proprietary chemistry and drug-design technologies to create oligonucleotide therapeutics intended to selectively modify RNA and address the underlying causes of genetic diseases.

Its research programs have included RNA editing and RNA-targeting approaches for conditions such as alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy and other serious genetic disorders.