Wave Life Sciences (NASDAQ:WVE) Trading Up 5.4% on Strong Earnings

Wave Life Sciences Ltd. (NASDAQ:WVE)’s share price shot up 5.4% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $11.43 and last traded at $10.59. 275,664 shares traded hands during trading, a decline of 68% from the average session volume of 853,478 shares. The stock had previously closed at $10.05.

The company reported $0.17 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.35. Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 280.57%.

Analyst Ratings Changes

Several research analysts recently commented on the company. B. Riley boosted their target price on Wave Life Sciences from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. HC Wainwright restated a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a research note on Wednesday, November 13th. StockNews.com raised shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Mizuho lifted their price objective on Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Finally, Jefferies Financial Group assumed coverage on Wave Life Sciences in a report on Tuesday, February 25th. They issued a “buy” rating and a $26.00 price target for the company. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.60.

Institutional Trading of Wave Life Sciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Wave Life Sciences in the 4th quarter worth approximately $4,482,000. Polar Asset Management Partners Inc. boosted its position in shares of 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 acquiring an additional 71,300 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Wave Life Sciences during the fourth quarter worth $40,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings 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 acquiring an additional 20,520 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in Wave Life Sciences during the 4th quarter worth $10,463,000. 89.73% of the stock is currently owned by institutional investors.

Wave Life Sciences Stock Up 6.3 %

The firm has a market cap of $1.63 billion, a P/E ratio of -9.68 and a beta of -1.09. The business has a fifty day moving average of $11.68 and a 200 day moving average of $11.15.

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.