WAVE Life Sciences (NASDAQ:WVE) Reaches New 52-Week Low – Here’s What Happened

WAVE Life Sciences Ltd. (NASDAQ:WVE)’s share price reached a new 52-week low during trading on Tuesday. The stock traded as low as $3.53 and last traded at $3.5350, with a volume of 1610868 shares traded. The stock had previously closed at $3.75.

Wall Street Analysts Forecast Growth

WVE has been the subject of a number of recent research reports. Zacks Research downgraded WAVE Life Sciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. LADENBURG THALM/SH SH assumed coverage on WAVE Life Sciences in a research report on Thursday, October 1st. They issued a “buy” rating and a $10.00 price objective for the company. Wall Street Zen cut WAVE Life Sciences from a “hold” rating to a “strong sell” rating in a report on Saturday, August 1st. UBS Group set a $13.00 target price on shares of WAVE Life Sciences in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. assumed coverage on shares of WAVE Life Sciences in a research note on Wednesday, September 23rd. They set a “neutral” rating for the company. Fifteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.65.

WAVE Life Sciences Stock Down 2.1%

The firm has a market capitalization of $682.78 million, a P/E ratio of -3.18 and a beta of -1.43. The company’s 50 day moving average is $4.81 and its 200-day moving average is $6.03.

WAVE Life Sciences (NASDAQ:WVE) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $7.45 million. WAVE Life Sciences had a negative return on equity of 50.36% and a negative net margin of 309.73%. On average, analysts predict that WAVE Life Sciences Ltd. will post -1.12 EPS for the current fiscal year.

Insider Transactions at WAVE Life Sciences

In related news, Director Adrian Rawcliffe sold 12,700 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $5.29, for a total transaction of $67,183.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Heidi Wagner sold 7,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $6.01, for a total value of $42,070.00. Following the transaction, the director owned 44,930 shares of the company’s stock, valued at approximately $270,029.30. The trade was a 13.48% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 23,564 shares of company stock valued at $132,476. 24.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On WAVE Life Sciences

Several large investors have recently added to or reduced their stakes in WVE. Integrated Wealth Concepts LLC bought a new position in WAVE Life Sciences in the 2nd quarter worth about $180,000. Squarepoint Ops LLC increased its holdings in WAVE Life Sciences by 68.0% during the 2nd quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company’s stock worth $14,766,000 after purchasing an additional 1,029,052 shares during the period. Arizona State Retirement System lifted its holdings in shares of WAVE Life Sciences by 17.1% in the 2nd quarter. Arizona State Retirement System now owns 35,826 shares of the company’s stock worth $208,000 after buying an additional 5,228 shares during the period. Readystate Asset Management LP bought a new position in shares of WAVE Life Sciences during the 2nd quarter worth $27,465,000. Finally, AlphaGrep UK Ltd bought a new stake in shares of WAVE Life Sciences in the second quarter valued at about $78,000. 89.73% of the stock is owned by hedge funds and other institutional investors.

About WAVE Life Sciences

WAVE Life Sciences Ltd. is a clinical-stage biotechnology company developing RNA medicines for genetic and other serious diseases. The company uses its proprietary oligonucleotide and RNA-editing technologies to target disease-causing genetic instructions, with the goal of selectively correcting, reducing, or modifying RNA activity.

Its development programs have included investigational therapies for conditions such as alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, and Huntington’s disease.