Wave Life Sciences (NASDAQ:WVE) Shares Down 4%

Wave Life Sciences Ltd. (NASDAQ:WVE)’s share price was down 4% during mid-day trading on Friday . The company traded as low as $4.78 and last traded at $4.79. Approximately 148,555 shares changed hands during trading, a decline of 83% from the average daily volume of 860,821 shares. The stock had previously closed at $4.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on WVE shares. Wells Fargo & Company assumed coverage on Wave Life Sciences in a research report on Wednesday, May 15th. They set an “overweight” rating and a $11.00 target price for the company. Mizuho reissued an “outperform” rating and issued a $19.00 price objective on shares of Wave Life Sciences in a research report on Tuesday, June 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $5.00 price objective on shares of Wave Life Sciences in a research report on Thursday, March 7th. Truist Financial reissued a “buy” rating and issued a $17.00 price objective on shares of Wave Life Sciences in a research report on Monday, April 1st. Finally, HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Wave Life Sciences in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.29.

Wave Life Sciences Price Performance

The business has a 50 day moving average of $5.72 and a 200 day moving average of $5.31.

Wave Life Sciences (NASDAQ:WVE) last issued its earnings results on Thursday, May 9th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $12.54 million during the quarter, compared to analyst estimates of $25.67 million. During the same period last year, the firm earned ($0.27) EPS. Research analysts predict that Wave Life Sciences Ltd. will post -0.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Wave Life Sciences news, CFO Kyle Moran sold 15,630 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $6.17, for a total transaction of $96,437.10. Following the completion of the transaction, the chief financial officer now directly owns 33,921 shares in the company, valued at $209,292.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. increased its stake in shares of Wave Life Sciences by 50.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock valued at $45,000 after buying an additional 2,451 shares in the last quarter. Swiss National Bank increased its stake in shares of Wave Life Sciences by 2.7% in the first quarter. Swiss National Bank now owns 156,500 shares of the company’s stock valued at $966,000 after buying an additional 4,100 shares in the last quarter. Capstone Investment Advisors LLC increased its stake in shares of Wave Life Sciences by 9.0% in the first quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company’s stock valued at $336,000 after buying an additional 4,500 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Wave Life Sciences by 35.0% in the first quarter. ProShare Advisors LLC now owns 21,764 shares of the company’s stock valued at $134,000 after buying an additional 5,648 shares in the last quarter. Finally, American International Group Inc. increased its stake in shares of Wave Life Sciences by 23.3% in the first quarter. American International Group Inc. now owns 36,241 shares of the company’s stock valued at $224,000 after buying an additional 6,851 shares in the last quarter. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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.