Wells Fargo & Company Lowers WAVE Life Sciences (NASDAQ:WVE) Price Target to $21.00

WAVE Life Sciences (NASDAQ:WVE) had its price objective lowered by equities research analysts at Wells Fargo & Company from $24.00 to $21.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 143.34% from the stock’s current price.

A number of other research firms have also recently weighed in on WVE. Raymond James Financial assumed coverage on shares of WAVE Life Sciences in a research report on Wednesday, June 11th. They set an “outperform” rating and a $14.00 price objective on the stock. Oppenheimer assumed coverage on shares of WAVE Life Sciences in a report on Monday. They issued an “outperform” rating and a $24.00 price target on the stock. Wedbush restated an “outperform” rating and issued a $18.00 price target on shares of WAVE Life Sciences in a report on Monday, June 23rd. Cantor Fitzgerald assumed coverage on shares of WAVE Life Sciences in a report on Tuesday, April 29th. They issued an “overweight” rating and a $10.00 price target on the stock. Finally, Citigroup assumed coverage on shares of WAVE Life Sciences in a report on Wednesday, July 16th. They issued a “buy” rating and a $16.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.36.

WAVE Life Sciences Stock Up 6.5%

WVE stock opened at $8.63 on Thursday. WAVE Life Sciences has a twelve month low of $5.04 and a twelve month high of $16.74. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -9.59 and a beta of -0.95. The firm’s fifty day simple moving average is $7.22 and its two-hundred day simple moving average is $8.31.

WAVE Life Sciences (NASDAQ:WVE) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.02). The business had revenue of $8.70 million for the quarter, compared to analyst estimates of $11.52 million. As a group, equities research analysts expect that WAVE Life Sciences will post -1.14 EPS for the current year.

Insiders Place Their Bets

In related news, Director Gregory L. Verdine sold 30,000 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $6.95, for a total value of $208,500.00. Following the completion of the sale, the director directly owned 282,517 shares of the company’s stock, valued at $1,963,493.15. This represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.98% of the stock is currently owned by company insiders.

Institutional Trading of WAVE Life Sciences

Hedge funds have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. purchased a new stake in WAVE Life Sciences in the fourth quarter worth about $40,000. Quarry LP purchased a new stake in shares of WAVE Life Sciences during the fourth quarter valued at about $62,000. Knott David M Jr purchased a new stake in shares of WAVE Life Sciences during the first quarter valued at about $81,000. Ascent Group LLC purchased a new stake in shares of WAVE Life Sciences during the first quarter valued at about $83,000. Finally, Chicago Partners Investment Group LLC purchased a new stake in shares of WAVE Life Sciences during the first quarter valued at about $103,000. 89.73% of the stock is owned by hedge funds and other 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.