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

Wave Life Sciences Ltd. (NASDAQ:WVE)’s stock price fell 6.2% during mid-day trading on Monday . The stock traded as low as $5.75 and last traded at $5.76. 539,734 shares changed hands during trading, a decline of 35% from the average session volume of 831,470 shares. The stock had previously closed at $6.14.

Wall Street Analyst Weigh In

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

Wave Life Sciences Trading Down 6.4 %

The stock’s fifty day moving average is $5.68 and its 200-day moving average is $5.18.

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

Insider Activity

In other news, CFO Kyle Moran sold 15,630 shares of Wave Life Sciences stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total value of $96,437.10. Following the sale, the chief financial officer now owns 33,921 shares in the company, valued at $209,292.57. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WVE. SG Americas Securities LLC acquired a new position in shares of Wave Life Sciences during the 3rd quarter worth approximately $149,000. TD Asset Management Inc acquired a new position in Wave Life Sciences during the third quarter worth $935,000. Jump Financial LLC purchased a new stake in Wave Life Sciences in the 3rd quarter valued at $135,000. James J. Burns & Company LLC increased its stake in shares of Wave Life Sciences by 10.2% in the 3rd quarter. James J. Burns & Company LLC now owns 33,049 shares of the company’s stock worth $190,000 after acquiring an additional 3,049 shares during the last quarter. Finally, Newtyn Management LLC raised its holdings in shares of Wave Life Sciences by 2.0% during the 3rd quarter. Newtyn Management LLC now owns 510,000 shares of the company’s stock worth $2,932,000 after acquiring an additional 10,000 shares during the period. 89.73% of the stock is owned by institutional investors and hedge funds.

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.