Wave Life Sciences (NASDAQ:WVE) Given New $22.00 Price Target at Wells Fargo & Company

Wave Life Sciences (NASDAQ:WVE) had its target price lifted by Wells Fargo & Company from $11.00 to $22.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

WVE has been the topic of a number of other reports. Royal Bank of Canada boosted their target price on shares of Wave Life Sciences from $5.00 to $7.00 and gave the stock a “sector perform” rating in a report on Friday, October 4th. Mizuho restated an “outperform” rating and set a $19.00 price objective on shares of Wave Life Sciences in a research note on Tuesday, June 25th. B. Riley raised their target price on shares of Wave Life Sciences from $11.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $13.00 to $22.00 in a research report on Wednesday. Finally, JPMorgan Chase & Co. initiated coverage on Wave Life Sciences in a research report on Friday, September 27th. They issued an “overweight” rating and a $13.00 price objective for the company. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.11.

Wave Life Sciences Stock Performance

NASDAQ:WVE opened at $14.90 on Wednesday. Wave Life Sciences has a 52-week low of $3.50 and a 52-week high of $15.54. The company has a market cap of $1.82 billion, a P/E ratio of -28.65 and a beta of -1.10. The stock’s 50-day simple moving average is $6.72 and its 200 day simple moving average is $6.10.

Wave Life Sciences (NASDAQ:WVE) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.09). Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 1,395.99%. The company had revenue of $19.69 million during the quarter, compared to the consensus estimate of $24.80 million. During the same quarter in the prior year, the business earned ($0.20) earnings per share. As a group, equities analysts predict that Wave Life Sciences will post -1.02 earnings per share for the current fiscal year.

Insider Transactions at Wave Life Sciences

In related news, CEO Paul Bolno sold 48,366 shares of Wave Life Sciences stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total transaction of $279,555.48. Following the completion of the sale, the chief executive officer now directly owns 359,059 shares of the company’s stock, valued at approximately $2,075,361.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Wave Life Sciences news, major shareholder Plc Gsk acquired 2,791,930 shares of the business’s stock in a transaction 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 acquisition, the insider now directly owns 16,775,691 shares of the company’s stock, valued at approximately $134,205,528. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul Bolno sold 48,366 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total transaction of $279,555.48. Following the transaction, the chief executive officer now directly owns 359,059 shares in the company, valued at $2,075,361.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wave Life Sciences

Institutional investors have recently made changes to their positions in the stock. Emerald Advisers LLC acquired a new position in Wave Life Sciences in the second quarter valued at about $12,441,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Wave Life Sciences in the 2nd quarter valued at approximately $9,086,000. Artal Group S.A. lifted its holdings in shares of Wave Life Sciences by 34.7% during the 1st quarter. Artal Group S.A. now owns 4,051,400 shares of the company’s stock worth $24,997,000 after acquiring an additional 1,044,000 shares during the period. Ikarian Capital LLC acquired a new stake in shares of Wave Life Sciences during the 1st quarter worth approximately $3,641,000. Finally, Vanguard Group Inc. boosted its position in shares of Wave Life Sciences by 39.7% during the 1st quarter. Vanguard Group Inc. now owns 1,834,090 shares of the company’s stock worth $11,316,000 after acquiring an additional 521,665 shares in the last quarter. 89.73% of the stock is currently owned by 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.