Wave Life Sciences (NASDAQ:WVE) Announces Earnings Results, Misses Estimates By $0.19 EPS

Wave Life Sciences (NASDAQ:WVE) posted its earnings results on Tuesday. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.19), reports. Wave Life Sciences had a negative return on equity of 280.57% and a negative net margin of 66.50%. The firm had revenue of ($7.68) million during the quarter, compared to analyst estimates of $15.45 million.

Wave Life Sciences Stock Up 0.3 %

Shares of Wave Life Sciences stock opened at $15.05 on Friday. The company has a 50-day simple moving average of $10.40 and a two-hundred day simple moving average of $7.41. Wave Life Sciences has a twelve month low of $3.50 and a twelve month high of $16.74. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -13.51 and a beta of -1.20.

Insider Transactions at Wave Life Sciences

In other news, CEO Paul Bolno sold 48,366 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total transaction of $279,555.48. Following the sale, the chief executive officer now directly owns 359,059 shares of the company’s stock, valued at approximately $2,075,361.02. This represents a 11.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kyle Moran sold 17,146 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $9.00, for a total value of $154,314.00. Following the completion of the transaction, the chief financial officer now owns 19,777 shares in the company, valued at $177,993. The trade was a 46.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 400,822 shares of company stock valued at $5,221,768. 29.10% of the stock is currently owned by company insiders.

Institutional Trading of Wave Life Sciences

A number of institutional investors and hedge funds have recently made changes to their positions in WVE. Mirae Asset Global Investments Co. Ltd. raised its position in Wave Life Sciences by 23.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock valued at $37,000 after purchasing an additional 856 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Wave Life Sciences by 50.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock worth $45,000 after buying an additional 2,451 shares during the last quarter. Profund Advisors LLC bought a new stake in shares of Wave Life Sciences during the 2nd quarter worth $53,000. Principal Financial Group Inc. bought a new position in Wave Life Sciences in the second quarter valued at about $74,000. Finally, Mackenzie Financial Corp raised its stake in Wave Life Sciences by 13.6% during the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after acquiring an additional 1,905 shares in the last quarter. Institutional investors own 89.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WVE. Raymond James raised shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. Leerink Partners upped their price objective on Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Truist Financial raised their price objective on Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price target on Wave Life Sciences from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada lifted their price objective on shares of Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Wave Life Sciences has an average rating of “Moderate Buy” and a consensus target price of $21.89.

Wave Life Sciences Company Profile

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.