Wave Life Sciences (NASDAQ:WVE) Issues Quarterly Earnings Results, Misses Expectations By $0.19 EPS

Wave Life Sciences (NASDAQ:WVE) announced its earnings results on Tuesday. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.19), reports. Wave Life Sciences had a negative return on equity of 694.73% and a negative net margin of 66.50%. The company had revenue of ($7.68) million for the quarter, compared to the consensus estimate of $15.45 million.

Wave Life Sciences Stock Performance

Shares of WVE stock opened at $15.69 on Thursday. Wave Life Sciences has a 52 week low of $3.50 and a 52 week high of $16.74. The company’s 50 day moving average price is $10.40 and its two-hundred day moving average price is $7.41. The company has a market capitalization of $1.96 billion, a P/E ratio of -14.14 and a beta of -1.20.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WVE. B. Riley upped their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, November 4th. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a research note on Wednesday. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on Wave Life Sciences from $7.00 to $15.00 and gave the company a “sector perform” rating in a research report on Monday, October 21st. Finally, Leerink Partners upped their target price on shares of Wave Life Sciences from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.89.

Insider Transactions at Wave Life Sciences

In other Wave Life Sciences news, CFO Kyle Moran sold 17,146 shares of Wave Life Sciences stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $9.00, for a total value of $154,314.00. Following the sale, the chief financial officer now owns 19,777 shares of the company’s stock, valued at $177,993. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Chris Francis sold 208,836 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $13.67, for a total value of $2,854,788.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kyle Moran sold 17,146 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $9.00, for a total transaction of $154,314.00. Following the completion of the transaction, the chief financial officer now directly owns 19,777 shares of the company’s stock, valued at approximately $177,993. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 400,822 shares of company stock valued at $5,221,768 over the last quarter. Corporate insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

A number of large investors have recently modified their holdings of WVE. Mirae Asset Global Investments Co. Ltd. boosted 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 during the last quarter. Ameritas Investment Partners Inc. raised its stake 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 purchasing an additional 2,451 shares in the last quarter. Profund Advisors LLC bought a new stake in shares of Wave Life Sciences during the 2nd quarter worth approximately $53,000. Principal Financial Group Inc. acquired a new stake in shares of Wave Life Sciences in the 2nd quarter valued at approximately $74,000. Finally, Mackenzie Financial Corp grew its stake in shares of Wave Life Sciences by 13.6% in the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock valued at $79,000 after buying an additional 1,905 shares in the last quarter. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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.