WAVE Life Sciences (NASDAQ:WVE) Sets New 52-Week Low – Time to Sell?

WAVE Life Sciences Ltd. (NASDAQ:WVE) reached a new 52-week low on Monday. The stock traded as low as $3.37 and last traded at $3.3850, with a volume of 317,423 shares trading hands. The stock had previously closed at $3.46.

Wall Street Analyst Weigh In

WVE has been the topic of a number of research analyst reports. UBS Group set a $13.00 target price on WAVE Life Sciences in a research report on Monday, August 3rd. LADENBURG THALM/SH SH started coverage on WAVE Life Sciences in a report on Thursday, October 1st. They issued a “buy” rating and a $10.00 target price on the stock. Zacks Research cut WAVE Life Sciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Citigroup cut their price target on WAVE Life Sciences from $24.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Finally, Wedbush set a $13.00 price target on WAVE Life Sciences in a research note on Friday, October 2nd. Fifteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, WAVE Life Sciences has an average rating of “Moderate Buy” and a consensus target price of $21.65.

WAVE Life Sciences Stock Performance

The company has a 50-day moving average of $4.62 and a 200-day moving average of $5.79.

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

Insiders Place Their Bets

In related news, Director Heidi L. Wagner sold 7,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $6.01, for a total transaction of $42,070.00. Following the sale, the director owned 44,930 shares of the company’s stock, valued at $270,029.30. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Adrian Rawcliffe sold 12,700 shares of WAVE Life Sciences stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $5.29, for a total value of $67,183.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 23,564 shares of company stock valued at $132,476. Insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WVE. Integrated Wealth Concepts LLC purchased a new stake in shares of WAVE Life Sciences during the second quarter worth about $180,000. Squarepoint Ops LLC raised its position in shares of WAVE Life Sciences by 68.0% in the second quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company’s stock valued at $14,766,000 after buying an additional 1,029,052 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of WAVE Life Sciences by 17.1% during the second quarter. Arizona State Retirement System now owns 35,826 shares of the company’s stock valued at $208,000 after buying an additional 5,228 shares during the period. Readystate Asset Management LP purchased a new position in shares of WAVE Life Sciences during the second quarter valued at approximately $27,465,000. Finally, AlphaGrep UK Ltd purchased a new position in shares of WAVE Life Sciences during the second quarter valued at approximately $78,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

WAVE Life Sciences Company Profile

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.