Wave Life Sciences (NASDAQ:WVE) Shares Down 6.2%

Wave Life Sciences Ltd. (NASDAQ:WVE) shares dropped 6.2% during trading on Monday . The company traded as low as $5.75 and last traded at $5.76. Approximately 539,734 shares were traded during trading, a decline of 35% from the average daily volume of 831,470 shares. The stock had previously closed at $6.14.

Analyst Ratings Changes

WVE has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $5.00 target price on shares of Wave Life Sciences in a research report on Thursday, March 7th. StockNews.com downgraded shares of Wave Life Sciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 18th. HC Wainwright raised their target price on shares of Wave Life Sciences from $8.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, Truist Financial restated a “buy” rating and set a $17.00 price target on shares of Wave Life Sciences in a research report on Monday, April 1st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.14.

Wave Life Sciences Trading Up 1.0 %

The stock has a market cap of $715.57 million, a P/E ratio of -10.64 and a beta of -0.99. The company has a 50-day moving average price of $5.73 and a two-hundred day moving average price of $5.19.

Wave Life Sciences (NASDAQ:WVE) last posted its quarterly earnings results on Wednesday, March 6th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.04. The company had revenue of $29.06 million for the quarter, compared to the consensus estimate of $23.30 million. During the same period in the prior year, the firm posted ($0.47) EPS. As a group, equities analysts forecast that Wave Life Sciences Ltd. will post -0.94 earnings per share for the current fiscal year.

Insider Activity at Wave Life Sciences

In related news, CFO Kyle Moran sold 15,630 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total transaction of $96,437.10. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Wave Life Sciences

Hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC boosted its position in shares of Wave Life Sciences by 35.0% in the 1st quarter. ProShare Advisors LLC now owns 21,764 shares of the company’s stock valued at $134,000 after purchasing an additional 5,648 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Wave Life Sciences during the first quarter worth about $405,000. Swiss National Bank raised its holdings in Wave Life Sciences by 2.7% during the first quarter. Swiss National Bank now owns 156,500 shares of the company’s stock worth $966,000 after purchasing an additional 4,100 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Wave Life Sciences in the first quarter valued at approximately $586,000. Finally, Capstone Investment Advisors LLC raised its stake in Wave Life Sciences by 9.0% in the 1st quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company’s stock valued at $336,000 after purchasing an additional 4,500 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.