Wave Life Sciences Ltd. (NASDAQ:WVE) Sees Significant Growth in Short Interest

Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 9,940,000 shares, an increase of 19.2% from the March 15th total of 8,340,000 shares. Currently, 9.2% of the company's stock are short sold. Based on an average daily volume of 1,150,000 shares, the days-to-cover ratio is presently 8.6 days.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. HC Wainwright reaffirmed a "buy" rating and set a $22.00 price target on shares of Wave Life Sciences in a report on Wednesday, March 26th. StockNews.com upgraded shares of Wave Life Sciences from a "sell" rating to a "hold" rating in a report on Saturday, March 8th. Wedbush started coverage on shares of Wave Life Sciences in a research report on Tuesday, April 8th. They issued an "outperform" rating and a $18.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on Wave Life Sciences in a report on Tuesday, February 25th. They set a "buy" rating and a $26.00 price target on the stock. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Wave Life Sciences has an average rating of "Moderate Buy" and a consensus target price of $22.18.

Wave Life Sciences Trading Up 3.5 %

NASDAQ WVE traded up $0.23 on Wednesday, hitting $6.79. 1,953,539 shares of the company traded hands, compared to its average volume of 1,203,222. The business's 50 day moving average price is $8.73 and its 200-day moving average price is $11.55. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.12 and a beta of -0.93. Wave Life Sciences has a 52-week low of $4.25 and a 52-week high of $16.74.

Wave Life Sciences (NASDAQ:WVE - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.34. Wave Life Sciences had a negative return on equity of 280.57% and a negative net margin of 66.50%. The company had revenue of $83.75 million during the quarter, compared to the consensus estimate of $25.60 million. As a group, sell-side analysts predict that Wave Life Sciences will post -1.14 earnings per share for the current year.

Insider Transactions at Wave Life Sciences

In related news, Director Christian O. Henry sold 10,500 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.77, for a total value of $102,585.00. Following the completion of the transaction, the director now directly owns 16,115 shares in the company, valued at $157,443.55. The trade was a 39.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul Bolno sold 169,025 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $9.57, for a total value of $1,617,569.25. Following the sale, the chief executive officer now owns 338,351 shares in the company, valued at approximately $3,238,019.07. This represents a 33.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.10% of the stock is owned by insiders.

Institutional Trading of Wave Life Sciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new position in Wave Life Sciences in the 4th quarter worth $40,000. Quarry LP bought a new position in shares of Wave Life Sciences in the fourth quarter worth about $62,000. KBC Group NV purchased a new stake in shares of Wave Life Sciences during the fourth quarter worth about $67,000. Summit Investment Advisors Inc. grew its position in shares of Wave Life Sciences by 31.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock worth $119,000 after purchasing an additional 2,308 shares in the last quarter. Finally, Westwood Wealth Management purchased a new position in Wave Life Sciences in the 4th quarter worth approximately $124,000. 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.