Wave Life Sciences (NASDAQ:WVE) Shares Down 2.6% – Here’s What Happened

Wave Life Sciences Ltd. (NASDAQ:WVE) shares dropped 2.6% during trading on Thursday . The company traded as low as $13.06 and last traded at $13.06. 19,408 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 1,110,443 shares. The stock had previously closed at $13.41.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wells Fargo & Company lifted their price target on Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. 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 note on Monday, November 4th. Royal Bank of Canada raised their price target on shares of Wave Life Sciences from $7.00 to $15.00 and gave the company a “sector perform” rating in a research report on Monday, October 21st. Leerink Partners upped their price objective on shares of Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Truist Financial raised their target price on Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.22.

Wave Life Sciences Stock Performance

The company has a market capitalization of $1.97 billion, a PE ratio of -11.62 and a beta of -1.21. The company has a 50 day simple moving average of $14.46 and a 200 day simple moving average of $9.18.

Insider Activity at Wave Life Sciences

In related news, insider Chris Francis sold 208,836 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $13.67, for a total transaction of $2,854,788.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Paul Bolno sold 51,234 shares of the firm’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 transaction of $733,670.88. Following the completion of the transaction, 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. In the last ninety days, insiders sold 436,544 shares of company stock valued at $6,271,569. 29.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Wave Life Sciences

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