The stock of Wave Life Sciences Ltd. (NASDAQ:WVE) is now priced at $12.48 and the shares are 0.65 points up or 5.49% higher compared to its previous closing price of $11.83. The stock had 1.155 million contracts set over the past session. WVE shares’ daily volume is compared to its average trading volume at 0.536 million shares. However, it has a float of 30.7 million and although its performance was 7.59% over the week, it’s one to watch. Analysts have given the WVE stock a yearly average price target of $16.71 per share. It means the stock’s upside potential is 33.89% with the WVE share price recently placing at $11.705 to $12.9. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the Wave Life Sciences Ltd. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the WVE shares have declined. Short interest in the stock represents just 16.05% of its float, but the volume has dropped by -213823. The volume of shorted shares dropped to 4.928 million from 5.142 million shares over the last two weeks. The average intraday trading volume has been 327962 shares, which means that days to cover moved to roughly 15.025335.
In the last trading session, Wave Life Sciences Ltd. (NASDAQ:WVE) raised by $0.88 over the week and gained $3.7 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $39.98. The stock recorded its established 52-week high on 12/13/19.
Since 03/13/20, the stock has traded to a low of $6.61 at 88.8%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.1. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Wave Life Sciences Ltd.’s two-week RSI is 68.69. This suggests that the stock is neutral at the moment and that WVE shares’ price movement remains stable. The stochastic readings are equally revealing at 68.81% meaning the WVE share price is currently in neutral territory.
The technical chart shows that the WVE stock will likely settle at between $13.02 and $13.56 per share. However, if the stock dips below $11.82, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.17.
Currently, the stock is trading in the green of MACD, with a reading of 0.72. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at SVB Leerink cut their recommendation for WVE from Outperform to Mkt Perform in December 31 review while maintai their target price of $33 to $10. Guggenheim analysts see the stock as a Buy with a target price of $43 in a flash note released to investors on November 01 initiating covering the stock. Cowen analysts see the stock as Market Perform when the analysts initiated the share price coverage on July 15.
The average rating for the WVE equity is 2.13 and is currently gathering a bullish momentum. Of 8 analysts tracking Wave Life Sciences Ltd. polled by Reuters, 3 rated WVE as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Wave Life Sciences Ltd. (NASDAQ:WVE) will decrease by about -99.59%, which will see them reach $12.49 million. The company’s full-year revenues are, however, expected to increase by about 106.82%, up from $15.98 million to $33.05 million. WVE’s expected adjusted earnings should drop almost -52.03% to end up at -$0.71 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -35.84% to record -$3.67/share.