WAVE Life Sciences (NASDAQ:WVE) Reaches New 1-Year Low – Here’s What Happened

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $4.40 and last traded at $4.46, with a volume of 2466798 shares. The stock had previously closed at $4.58.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on WVE shares. UBS Group set a $13.00 price objective on shares of WAVE Life Sciences in a report on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of WAVE Life Sciences in a research report on Friday, July 17th. New Street Research set a $13.00 price target on shares of WAVE Life Sciences in a research note on Thursday, June 11th. Wall Street Zen cut WAVE Life Sciences from a “hold” rating to a “strong sell” rating in a report on Saturday, August 1st. Finally, Citigroup lowered their price objective on WAVE Life Sciences from $24.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.31.

WAVE Life Sciences Stock Performance

The firm’s 50 day simple moving average is $5.37 and its 200-day simple moving average is $6.94. The company has a market cap of $874.90 million, a price-to-earnings ratio of -4.07 and a beta of -1.30.

WAVE Life Sciences (NASDAQ:WVE) last issued its earnings results on Thursday, July 30th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $7.45 million. WAVE Life Sciences had a negative net margin of 309.73% and a negative return on equity of 50.36%. As a group, sell-side analysts expect that WAVE Life Sciences Ltd. will post -1.11 EPS for the current fiscal year.

Insider Transactions at WAVE Life Sciences

In other news, Director Adrian Rawcliffe sold 12,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $5.29, for a total value of $67,183.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Heidi L. Wagner sold 7,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $6.01, for a total value of $42,070.00. Following the completion of the sale, the director directly owned 44,930 shares of the company’s stock, valued at approximately $270,029.30. This represents a 13.48% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 23,564 shares of company stock valued at $132,476. 24.30% of the stock is owned by insiders.

Hedge Funds Weigh In On WAVE Life Sciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WVE. Readystate Asset Management LP purchased a new stake in WAVE Life Sciences in the 2nd quarter valued at about $27,465,000. Squarepoint Ops LLC boosted its position in shares of WAVE Life Sciences by 68.0% during the 2nd quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company’s stock worth $14,766,000 after purchasing an additional 1,029,052 shares during the period. Eventide Asset Management LLC purchased a new position in shares of WAVE Life Sciences during the 4th quarter worth approximately $8,500,000. Elmind Capital LP acquired a new stake in WAVE Life Sciences in the 4th quarter valued at approximately $7,613,000. Finally, Renaissance Technologies LLC increased its holdings in WAVE Life Sciences by 152.6% in the 1st quarter. Renaissance Technologies LLC now owns 597,220 shares of the company’s stock valued at $4,330,000 after purchasing an additional 360,800 shares during the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.

About WAVE Life Sciences

WAVE Life Sciences Ltd. (NASDAQ: WVE) is a biotechnology company focused on developing medicines that target RNA, the biological molecule that helps translate genetic information into proteins. The company uses its oligonucleotide chemistry and delivery technologies to pursue treatments for genetically defined diseases, including conditions affecting the liver, muscles and nervous system.

WAVE’s research programs include RNA editing medicines designed to correct or modify disease-related genetic messages without permanently altering DNA.