Wave Life Sciences (NASDAQ:WVE) Trading Down 6.4% – Should You Sell?

Wave Life Sciences Ltd. (NASDAQ:WVE) fell 6.4% during mid-day trading on Thursday . The company traded as low as $14.37 and last traded at $14.43. 632,830 shares traded hands during trading, a decline of 43% from the average session volume of 1,102,446 shares. The stock had previously closed at $15.41.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Royal Bank of Canada lifted their price target on shares of Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a report on Monday, October 21st. Mizuho boosted their price objective 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. B. Riley upped their target price on Wave Life Sciences from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $13.00 to $22.00 in a research report on Wednesday, October 16th. Finally, StockNews.com downgraded shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.22.

Wave Life Sciences Trading Down 3.0 %

The business has a fifty day moving average of $13.80 and a 200-day moving average of $8.72.

Insider Buying and Selling

In other Wave Life Sciences news, CEO Paul Bolno sold 90,474 shares of Wave Life Sciences stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $15.00, for a total transaction of $1,357,110.00. Following the completion of the transaction, the chief executive officer now owns 268,585 shares in the company, valued at approximately $4,028,775. The trade was a 25.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chris Francis sold 208,836 shares of the firm’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 disclosure for this sale can be found here. Insiders sold 453,690 shares of company stock valued at $6,425,883 over the last quarter. 29.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.