Wave Life Sciences (NASDAQ:WVE) Shares Gap Up – Here’s Why

Wave Life Sciences Ltd. (NASDAQ:WVE) gapped up before the market opened on Wednesday . The stock had previously closed at $9.44, but opened at $10.73. Wave Life Sciences shares last traded at $9.90, with a volume of 1,111,359 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Jefferies Financial Group began coverage on shares of Wave Life Sciences in a research report on Tuesday, February 25th. They issued a “buy” rating and a $26.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $22.00 price target on shares of Wave Life Sciences in a research note on Wednesday, March 5th. Finally, StockNews.com raised Wave Life Sciences from a “sell” rating to a “hold” rating in a report on Saturday, March 8th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

Wave Life Sciences Stock Up 6.3 %

The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -9.04 and a beta of -1.04. The company has a fifty day moving average price of $10.86 and a two-hundred day moving average price of $11.66.

Wave Life Sciences (NASDAQ:WVE) last posted its quarterly earnings data on Tuesday, March 4th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.34. Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 280.57%. The company had revenue of $83.75 million for the quarter, compared to analyst estimates of $25.60 million. On average, equities analysts anticipate that Wave Life Sciences Ltd. will post -1.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wave Life Sciences news, CEO Paul Bolno sold 169,025 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $9.57, for a total value of $1,617,569.25. Following the completion of the sale, the chief executive officer now owns 338,351 shares of the company’s stock, valued at approximately $3,238,019.07. This trade represents a 33.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christian O. Henry sold 10,500 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.77, for a total transaction of $102,585.00. Following the transaction, the director now directly owns 16,115 shares in the company, valued at approximately $157,443.55. This trade represents 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.

Institutional Investors Weigh In On Wave Life Sciences

Institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new position in shares of Wave Life Sciences during the 4th quarter worth $40,000. Quarry LP acquired a new stake in shares of Wave Life Sciences during the fourth quarter valued at $62,000. KBC Group NV purchased a new stake in Wave Life Sciences during the 4th quarter worth about $67,000. Summit Investment Advisors Inc. raised its stake in Wave Life Sciences by 31.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company’s stock valued at $119,000 after purchasing an additional 2,308 shares during the last quarter. Finally, Westwood Wealth Management purchased a new position in Wave Life Sciences in the 4th quarter valued at about $124,000. Hedge funds and other institutional investors own 89.73% of the company’s stock.

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.