Wave Life Sciences (NASDAQ:WVE) Trading Down 4% – Here’s What Happened

Wave Life Sciences Ltd. (NASDAQ:WVE)’s share price dropped 4% during mid-day trading on Monday . The company traded as low as $12.97 and last traded at $12.97. Approximately 164,371 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 716,913 shares. The stock had previously closed at $13.51.

Analyst Upgrades and Downgrades

WVE has been the subject of several analyst reports. StockNews.com cut shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a research note on Wednesday, November 13th. Raymond James raised shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $13.00 to $22.00 in a research note on Wednesday, October 16th. Mizuho raised their price objective on Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Truist Financial upped their target price on Wave Life Sciences from $17.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, 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 note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $22.22.

Wave Life Sciences Stock Down 1.3 %

The firm’s 50-day moving average price is $14.21 and its 200-day moving average price is $9.48. The company has a market cap of $2.03 billion, a P/E ratio of -12.01 and a beta of -1.07.

Insider Transactions at Wave Life Sciences

In related news, insider Chris Francis sold 208,836 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $13.67, for a total value of $2,854,788.12. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Paul Bolno sold 51,234 shares of Wave Life Sciences stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $14.32, for a total transaction of $733,670.88. Following the sale, the chief executive officer now owns 217,351 shares of the company’s stock, valued at approximately $3,112,466.32. The trade was a 19.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 436,544 shares of company stock valued at $6,271,569. 29.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wave Life Sciences

Institutional investors have recently bought and sold shares of the stock. Maverick Capital Ltd. boosted its holdings in shares of Wave Life Sciences by 31.0% during the 3rd quarter. Maverick Capital Ltd. now owns 10,047,520 shares of the company’s stock valued at $82,390,000 after buying an additional 2,378,159 shares in the last quarter. Emerald Advisers LLC grew its stake in shares of Wave Life Sciences by 15.6% in the 3rd quarter. Emerald Advisers LLC now owns 2,881,510 shares of the company’s stock worth $23,628,000 after buying an additional 388,280 shares during the last quarter. State Street Corp boosted its holdings in Wave Life Sciences by 2.6% in the third quarter. State Street Corp now owns 2,321,248 shares of the company’s stock worth $19,034,000 after acquiring an additional 57,822 shares in the last quarter. Geode Capital Management LLC raised its holdings in Wave Life Sciences by 14.3% in the third quarter. Geode Capital Management LLC now owns 2,269,664 shares of the company’s stock worth $18,615,000 after buying an additional 283,419 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust raised its holdings in Wave Life Sciences by 16.6% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 2,123,466 shares of the company’s stock worth $17,412,000 after acquiring an additional 302,528 shares during the last quarter. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

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.