Wave Life Sciences (NASDAQ:WVE) Price Target Raised to $36.00

Wave Life Sciences (NASDAQ:WVE) had its target price lifted by Truist Financial from $17.00 to $36.00 in a report released on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other analysts also recently issued reports on WVE. Leerink Partners raised their price target on shares of Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Royal Bank of Canada raised their target price on Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research note on Monday, October 21st. Raymond James upgraded Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $13.00 to $22.00 in a report on Wednesday, October 16th. HC Wainwright reaffirmed a “buy” rating and set a $22.00 target price on shares of Wave Life Sciences in a research note on Thursday, October 31st. Finally, 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $21.89.

Wave Life Sciences Stock Down 4.4 %

Shares of NASDAQ:WVE opened at $15.00 on Tuesday. Wave Life Sciences has a 52-week low of $3.50 and a 52-week high of $16.74. The stock has a market cap of $1.87 billion, a P/E ratio of -13.54 and a beta of -1.20. The business has a fifty day moving average of $10.40 and a two-hundred day moving average of $7.41.

Wave Life Sciences (NASDAQ:WVE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.19). Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 694.73%. The firm had revenue of ($7.68) million for the quarter, compared to analyst estimates of $15.45 million. On average, equities analysts anticipate that Wave Life Sciences will post -1.01 earnings per share for the current year.

Insider Activity

In other Wave Life Sciences news, CEO Paul Bolno sold 48,366 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total value of $279,555.48. Following the sale, the chief executive officer now owns 359,059 shares of the company’s stock, valued at $2,075,361.02. This trade represents a 11.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Plc Gsk purchased 2,791,930 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was purchased at an average price of $8.00 per share, with a total value of $22,335,440.00. Following the purchase, the insider now directly owns 16,775,691 shares of the company’s stock, valued at $134,205,528. The trade was a 19.97 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 400,822 shares of company stock valued at $5,221,768. 29.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wave Life Sciences

A number of large investors have recently modified their holdings of WVE. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 worth $37,000 after purchasing an additional 856 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in 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 acquired a new position in shares of Wave Life Sciences during the 2nd quarter worth about $53,000. Principal Financial Group Inc. purchased a new position in shares of Wave Life Sciences in the 2nd quarter valued at about $74,000. Finally, Mackenzie Financial Corp increased its holdings in shares of Wave Life Sciences by 13.6% in the 2nd quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock valued at $79,000 after acquiring an additional 1,905 shares during the last quarter. 89.73% of the stock is owned by hedge funds and other 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.