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

Wave Life Sciences Ltd. (NASDAQ:WVE)’s share price 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 Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. HC Wainwright reissued a “buy” rating and set a $22.00 target price on shares of Wave Life Sciences in a report on Wednesday. Finally, Jefferies Financial Group began coverage on Wave Life Sciences in a research report on Tuesday, February 25th. They set a “buy” rating and a $26.00 target price on the stock. Two research 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

Wave Life Sciences Stock Down 10.1 %

The business has a fifty day moving average price of $10.78 and a 200-day moving average price of $11.63. The company has a market cap of $1.38 billion, a P/E ratio of -8.12 and a beta of -1.04.

Wave Life Sciences (NASDAQ:WVE) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $25.60 million. As a group, research analysts expect that Wave Life Sciences Ltd. will post -1.14 earnings per share for the current year.

Insiders Place Their Bets

In other Wave Life Sciences news, Director Christian O. Henry sold 10,500 shares of Wave Life Sciences stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.77, for a total value of $102,585.00. Following the transaction, the director now directly owns 16,115 shares of the company’s stock, valued at $157,443.55. The trade was a 39.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul Bolno sold 169,025 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $9.57, for a total transaction of $1,617,569.25. Following the completion of the sale, the chief executive officer now directly owns 338,351 shares of the company’s stock, valued at approximately $3,238,019.07. This represents a 33.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 29.10% of the company’s stock.

Institutional Trading of Wave Life Sciences

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System boosted its position in shares of Wave Life Sciences by 30.9% during the fourth quarter. California State Teachers Retirement System now owns 98,237 shares of the company’s stock valued at $1,215,000 after buying an additional 23,215 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Wave Life Sciences during the fourth quarter valued at about $4,482,000. Polar Asset Management Partners Inc. increased its position in Wave Life Sciences by 14.7% during the 4th quarter. Polar Asset Management Partners Inc. now owns 557,323 shares of the company’s stock valued at $6,894,000 after buying an additional 71,300 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Wave Life Sciences during the fourth quarter worth $40,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Wave Life Sciences by 14.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 165,238 shares of the company’s stock worth $2,044,000 after buying an additional 20,520 shares during the last quarter. 89.73% of the stock is currently owned by institutional investors.

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.