Wave Life Sciences (NASDAQ:WVE) Shares Down 3.6% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on WVE shares. Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $13.00 to $22.00 in a research note on Wednesday, October 16th. 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 research note on Wednesday, October 16th. Mizuho upped their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. StockNews.com lowered shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a research report on Wednesday, November 13th. Finally, Leerink Partners upped their price target on shares of Wave Life Sciences from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.22.

Wave Life Sciences Stock Up 0.2 %

The stock has a 50-day moving average of $13.11 and a 200 day moving average of $10.42. The stock has a market cap of $1.81 billion, a PE ratio of -10.70 and a beta of -1.09.

Insiders Place Their Bets

In other news, insider Chris Francis sold 36,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $16.00, for a total transaction of $576,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Paul Bolno sold 51,234 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 217,351 shares of the company’s stock, valued at approximately $3,112,466.32. This represents a 19.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,234 shares of company stock worth $2,059,671. Corporate insiders own 29.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Hsbc Holdings PLC purchased a new stake in Wave Life Sciences during the 2nd quarter worth about $104,000. Sei Investments Co. purchased a new position in Wave Life Sciences in the second quarter worth approximately $130,000. AQR Capital Management LLC lifted its stake in Wave Life Sciences by 26.3% in the second quarter. AQR Capital Management LLC now owns 33,529 shares of the company’s stock worth $167,000 after acquiring an additional 6,973 shares during the last quarter. Millennium Management LLC raised its holdings in Wave Life Sciences by 1.8% during the second quarter. Millennium Management LLC now owns 1,664,300 shares of the company’s stock worth $8,305,000 after purchasing an additional 28,690 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Wave Life Sciences by 3.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 139,790 shares of the company’s stock worth $698,000 after acquiring an additional 4,914 shares in the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.

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.