WAVE Life Sciences (NASDAQ:WVE) Trading Down 6.9% Following Weak Earnings

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s share price was down 6.9% during trading on Monday following a dissappointing earnings announcement. The stock traded as low as $7.34 and last traded at $7.3210. Approximately 576,916 shares were traded during trading, a decline of 66% from the average daily volume of 1,674,250 shares. The stock had previously closed at $7.86.

The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02).

Analyst Upgrades and Downgrades

A number of research firms have issued reports on WVE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of WAVE Life Sciences in a report on Wednesday, October 8th. B. Riley restated a “buy” rating on shares of WAVE Life Sciences in a research note on Thursday, September 4th. HC Wainwright reiterated a “buy” rating and set a $22.00 target price on shares of WAVE Life Sciences in a research note on Wednesday, September 3rd. Oppenheimer assumed coverage on shares of WAVE Life Sciences in a research report on Monday, July 28th. They issued an “outperform” rating and a $24.00 price target on the stock. Finally, Leerink Partners set a $26.00 price objective on shares of WAVE Life Sciences in a report on Wednesday, September 3rd. Twelve research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.08.

Insider Transactions at WAVE Life Sciences

In related news, CEO Paul Bolno sold 217,351 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $10.10, for a total value of $2,195,245.10. Following the transaction, the chief executive officer owned 121,000 shares in the company, valued at $1,222,100. This trade represents a 64.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory L. Verdine sold 10,000 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $10.00, for a total value of $100,000.00. Following the sale, the director directly owned 285,217 shares of the company’s stock, valued at $2,852,170. This represents a 3.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 237,021 shares of company stock worth $2,380,438 over the last 90 days. 23.98% of the stock is owned by insiders.

Institutional Trading of WAVE Life Sciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtus Investment Advisers LLC lifted its stake in shares of WAVE Life Sciences by 10.2% in the 2nd quarter. Virtus Investment Advisers LLC now owns 13,060 shares of the company’s stock valued at $85,000 after purchasing an additional 1,210 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in WAVE Life Sciences by 9.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,673 shares of the company’s stock worth $151,000 after buying an additional 1,564 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in shares of WAVE Life Sciences by 18.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 11,444 shares of the company’s stock worth $74,000 after buying an additional 1,802 shares during the period. Velan Capital Investment Management LP increased its stake in shares of WAVE Life Sciences by 15.4% in the 2nd quarter. Velan Capital Investment Management LP now owns 15,000 shares of the company’s stock valued at $98,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Matisse Capital raised its position in shares of WAVE Life Sciences by 17.9% in the 3rd quarter. Matisse Capital now owns 13,193 shares of the company’s stock valued at $97,000 after acquiring an additional 2,000 shares during the period. Institutional investors own 89.73% of the company’s stock.

WAVE Life Sciences Price Performance

The company’s 50 day simple moving average is $7.58 and its 200 day simple moving average is $7.55. The stock has a market cap of $1.17 billion, a P/E ratio of -8.15 and a beta of -1.44.

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.