Truist Financial Forecasts Strong Price Appreciation for Wave Life Sciences (NASDAQ:WVE) Stock

Wave Life Sciences (NASDAQ:WVE) had its price target boosted by Truist Financial from $17.00 to $36.00 in a research note released on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities analysts have also commented on the company. JPMorgan Chase & Co. increased their target price on Wave Life Sciences from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. HC Wainwright restated a “buy” rating and set a $22.00 target price on shares of Wave Life Sciences in a research note on Thursday, October 31st. Wells Fargo & Company increased their price target on shares of Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Leerink Partners boosted their price objective on shares of Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.89.

Wave Life Sciences Stock Performance

Shares of Wave Life Sciences stock opened at $13.67 on Tuesday. The business has a 50-day simple moving average of $10.76 and a 200-day simple moving average of $7.52. Wave Life Sciences has a one year low of $3.50 and a one year high of $16.74. The company has a market cap of $1.71 billion, a PE ratio of -12.32 and a beta of -1.20.

Wave Life Sciences (NASDAQ:WVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.19). Wave Life Sciences had a negative return on equity of 280.57% and a negative net margin of 66.50%. The firm had revenue of ($7.68) million for the quarter, compared to analyst estimates of $15.45 million. On average, sell-side analysts predict that Wave Life Sciences will post -1.06 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 on Wednesday, August 21st. The shares were sold at an average price of $5.78, for a total value 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 trade represents a 11.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Plc Gsk bought 2,791,930 shares of the stock in a transaction dated Friday, September 27th. The stock was purchased at an average cost of $8.00 per share, for a total transaction of $22,335,440.00. Following the acquisition, the insider now owns 16,775,691 shares of the company’s stock, valued at approximately $134,205,528. This represents a 19.97 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 452,056 shares of company stock worth $5,955,438. Insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Wave Life Sciences by 23.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock worth $37,000 after buying an additional 856 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Wave Life Sciences by 13.6% during the 2nd quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock valued at $79,000 after acquiring an additional 1,905 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in Wave Life Sciences by 50.2% during the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock worth $45,000 after acquiring an additional 2,451 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Wave Life Sciences by 3.4% in the second quarter. Rhumbline Advisers now owns 125,834 shares of the company’s stock valued at $628,000 after purchasing an additional 4,092 shares in the last quarter. Finally, Swiss National Bank grew its position in shares of Wave Life Sciences by 2.7% in the first quarter. Swiss National Bank now owns 156,500 shares of the company’s stock valued at $966,000 after purchasing an additional 4,100 shares during the last quarter. 89.73% of the stock is owned by institutional investors and hedge funds.

Wave Life Sciences Company Profile

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.