Wave Life Sciences (NASDAQ:WVE) Trading Down 3.6% – Here’s Why

Wave Life Sciences Ltd. (NASDAQ:WVE)’s stock price dropped 3.6% during trading on Tuesday . The company traded as low as $11.59 and last traded at $11.43. Approximately 70,904 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 872,990 shares. The stock had previously closed at $11.86.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Mizuho increased their price target on Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. StockNews.com downgraded Wave Life Sciences from a “hold” rating to a “sell” rating in a research note on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a research note on Wednesday, November 13th. B. Riley boosted their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company upped their target price on shares of Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wave Life Sciences currently has a consensus rating of “Moderate Buy” and an average target price of $22.22.

Wave Life Sciences Stock Performance

The company’s 50-day moving average price is $12.93 and its 200 day moving average price is $10.51. The stock has a market capitalization of $1.81 billion, a P/E ratio of -10.67 and a beta of -1.09.

Insider Transactions at Wave Life Sciences

In other Wave Life Sciences news, insider Chris Francis sold 36,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $16.00, for a total transaction of $576,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul Bolno sold 51,234 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $14.32, for a total value of $733,670.88. Following the sale, the chief executive officer now directly owns 217,351 shares in the company, valued at $3,112,466.32. This trade represents a 19.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,234 shares of company stock valued at $2,059,671 over the last 90 days. Company insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Wave Life Sciences by 209.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 844,617 shares of the company’s stock valued at $6,926,000 after buying an additional 571,345 shares during the last quarter. FMR LLC boosted its holdings in Wave Life Sciences by 174.5% during the 3rd quarter. FMR LLC now owns 1,540,190 shares of the company’s stock valued at $12,630,000 after acquiring an additional 979,110 shares during the period. Maven Securities LTD bought a new position in Wave Life Sciences in the 3rd quarter valued at $6,970,000. Privium Fund Management B.V. purchased a new stake in Wave Life Sciences in the third quarter worth $400,000. Finally, Moody Aldrich Partners LLC lifted its position in shares of Wave Life Sciences by 69.0% during the third quarter. Moody Aldrich Partners LLC now owns 303,062 shares of the company’s stock worth $2,485,000 after purchasing an additional 123,703 shares during the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.

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.