Wave Life Sciences Ltd. (NASDAQ:WVE) Sees Significant Growth in Short Interest

Wave Life Sciences Ltd. (NASDAQ:WVE) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 3,120,000 shares, an increase of 23.3% from the May 31st total of 2,530,000 shares. Based on an average daily volume of 759,600 shares, the days-to-cover ratio is currently 4.1 days.

Wave Life Sciences Stock Performance

Shares of NASDAQ WVE opened at $4.99 on Monday. The stock has a market cap of $611.15 million, a P/E ratio of -9.60 and a beta of -1.03. Wave Life Sciences has a twelve month low of $3.50 and a twelve month high of $7.67. The stock has a 50 day moving average of $5.72 and a two-hundred day moving average of $5.32.

Wave Life Sciences (NASDAQ:WVE) last announced its earnings results on Thursday, May 9th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The firm had revenue of $12.54 million for the quarter, compared to analyst estimates of $25.67 million. During the same quarter last year, the firm earned ($0.27) earnings per share. As a group, research analysts predict that Wave Life Sciences will post -0.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. StockNews.com cut Wave Life Sciences from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Truist Financial reissued a “buy” rating and set a $17.00 target price on shares of Wave Life Sciences in a research report on Monday, April 1st. Wells Fargo & Company began coverage on Wave Life Sciences in a report on Wednesday, May 15th. They issued an “overweight” rating and a $11.00 price target for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $5.00 price objective on shares of Wave Life Sciences in a report on Thursday, March 7th. Finally, HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Wave Life Sciences in a report on Wednesday, June 26th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.29.

Insiders Place Their Bets

In related news, CFO Kyle Moran sold 15,630 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total value of $96,437.10. Following the sale, the chief financial officer now owns 33,921 shares of the company’s stock, valued at $209,292.57. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 31.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WVE. Ameritas Investment Partners Inc. grew its holdings in shares of Wave Life Sciences by 50.2% during the first 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. Swiss National Bank lifted its position in Wave Life Sciences by 2.7% during the 1st quarter. Swiss National Bank now owns 156,500 shares of the company’s stock worth $966,000 after acquiring an additional 4,100 shares during the period. Capstone Investment Advisors LLC grew its stake in shares of Wave Life Sciences by 9.0% in the 1st quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company’s stock valued at $336,000 after purchasing an additional 4,500 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Wave Life Sciences by 35.0% in the first quarter. ProShare Advisors LLC now owns 21,764 shares of the company’s stock valued at $134,000 after purchasing an additional 5,648 shares during the period. Finally, American International Group Inc. raised its stake in shares of Wave Life Sciences by 23.3% during the first quarter. American International Group Inc. now owns 36,241 shares of the company’s stock worth $224,000 after purchasing an additional 6,851 shares during 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.