Wave Life Sciences (NASDAQ:WVE) Stock Price Up 5.4% After Strong Earnings

Shares of Wave Life Sciences Ltd. (NASDAQ:WVE) rose 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. Approximately 275,664 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 853,478 shares. The stock had previously closed at $10.05.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WVE. StockNews.com upgraded shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a research report on Thursday, February 27th. B. Riley increased their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Mizuho lifted their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. HC Wainwright reissued a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group started coverage on shares of Wave Life Sciences in a report on Tuesday, February 25th. They set a “buy” rating and a $26.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, eight have issued 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 an average target price of $22.60.

Hedge Funds Weigh In On Wave Life Sciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted 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 valued at $37,000 after acquiring an additional 856 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in Wave Life Sciences in the fourth quarter worth about $40,000. Quarry LP bought a new position in Wave Life Sciences during the 4th quarter worth $62,000. KBC Group NV acquired a new stake in Wave Life Sciences in the 4th quarter valued at approximately $67,000. Finally, Point72 DIFC Ltd bought a new position in Wave Life Sciences during the 3rd quarter valued at $98,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

Wave Life Sciences Price Performance

The business has a fifty day moving average of $11.68 and a 200-day moving average of $11.15. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -9.68 and a beta of -1.09.

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.