UBS Group Upgrades WAVE Life Sciences (NASDAQ:WVE) to “Strong-Buy”

WAVE Life Sciences (NASDAQ:WVE) was upgraded by investment analysts at UBS Group to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other brokerages have also recently commented on WVE. JPMorgan Chase & Co. assumed coverage on WAVE Life Sciences in a report on Wednesday, September 23rd. They issued a “neutral” rating on the stock. HC Wainwright reissued a “buy” rating on shares of WAVE Life Sciences in a report on Friday, October 2nd. LADENBURG THALM/SH SH started coverage on WAVE Life Sciences in a research report on Thursday, October 1st. They issued a “buy” rating and a $10.00 price target for the company. Zacks Research downgraded WAVE Life Sciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. Finally, B. Riley Financial decreased their price objective on WAVE Life Sciences from $31.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.53.

WAVE Life Sciences Trading Down 1.9%

WVE stock traded down $0.06 during midday trading on Wednesday, reaching $3.13. 3,281,728 shares of the company’s stock traded hands, compared to its average volume of 3,360,070. WAVE Life Sciences has a 52-week low of $3.04 and a 52-week high of $21.73. The stock has a market cap of $617.33 million, a P/E ratio of -2.87 and a beta of -1.43. The stock’s 50-day moving average is $4.44 and its 200 day moving average is $5.73.

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

Insiders Place Their Bets

In other news, Director Heidi Wagner sold 7,000 shares of the 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 completion of the sale, the director directly owned 44,930 shares of the company’s stock, valued at $270,029.30. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Adrian Rawcliffe sold 12,700 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $5.29, for a total transaction of $67,183.00. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 23,564 shares of company stock valued at $132,476. Corporate insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On WAVE Life Sciences

A number of institutional investors have recently bought and sold shares of WVE. Readystate Asset Management LP purchased a new position in shares of WAVE Life Sciences in the second quarter valued at about $27,465,000. Squarepoint Ops LLC grew its position in shares of WAVE Life Sciences by 68.0% during the second 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 in the last quarter. Pictet Asset Management Holding SA raised its stake in WAVE Life Sciences by 42.6% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,149,127 shares of the company’s stock valued at $8,202,000 after purchasing an additional 343,226 shares during the period. Renaissance Technologies LLC raised its stake in WAVE Life Sciences by 152.6% during the 1st quarter. Renaissance Technologies LLC now owns 597,220 shares of the company’s stock valued at $4,330,000 after purchasing an additional 360,800 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in WAVE Life Sciences by 12.4% during the 1st quarter. Bank of New York Mellon Corp now owns 361,204 shares of the company’s stock valued at $2,619,000 after purchasing an additional 39,759 shares during the period. Hedge funds and other institutional investors own 89.73% of the company’s stock.

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.