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

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

Wave Life Sciences Stock Performance

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 simple moving average is $10.40 and its 200 day simple moving average is $7.41. The company has a market capitalization of $1.96 billion, a PE ratio of -14.14 and a beta of -1.20.

Insiders Place Their Bets

In other Wave Life Sciences news, CFO Kyle Moran sold 17,146 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 19,777 shares in the company, valued at $177,993. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Paul Bolno sold 48,366 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total value of $279,555.48. Following the transaction, the chief executive officer now owns 359,059 shares in the company, valued at approximately $2,075,361.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kyle Moran sold 17,146 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $9.00, for a total transaction of $154,314.00. Following the sale, the chief financial officer now directly owns 19,777 shares of the company’s stock, valued at $177,993. This 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 worth $5,221,768 in the last quarter. 29.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wave Life Sciences

Several hedge funds have recently bought and sold shares of WVE. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Wave Life Sciences by 23.4% in the 3rd 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. boosted its stake in Wave Life Sciences by 50.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock valued at $45,000 after buying an additional 2,451 shares in the last quarter. Profund Advisors LLC bought a new position in Wave Life Sciences in the second quarter valued at about $53,000. Principal Financial Group Inc. bought a new position in Wave Life Sciences in the second quarter valued at about $74,000. Finally, Mackenzie Financial Corp raised its stake in Wave Life Sciences by 13.6% during the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after acquiring an additional 1,905 shares in the last quarter. 89.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. StockNews.com cut Wave Life Sciences from a “hold” rating to a “sell” rating in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price target on shares of Wave Life Sciences in a report on Wednesday. Wells Fargo & Company upped their price objective on shares of Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Truist Financial increased their price objective on shares of Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Royal Bank of Canada lifted their target price on shares of Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.89.

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.