Wave Life Sciences (NASDAQ:WVE) Shares Gap Down to $5.85

Wave Life Sciences Ltd. (NASDAQ:WVE) gapped down prior to trading on Thursday . The stock had previously closed at $5.85, but opened at $5.39. Wave Life Sciences shares last traded at $5.70, with a volume of 44,711 shares traded.

Analysts Set New Price Targets

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

Wave Life Sciences Stock Performance

The firm has a fifty day simple moving average of $5.73 and a 200 day simple moving average of $5.19. The company has a market capitalization of $747.37 million, a PE ratio of -10.64 and a beta of -0.99.

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

Insiders Place Their Bets

In related news, CFO Kyle Moran sold 15,630 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total value of $96,437.10. Following the completion of the transaction, the chief financial officer now owns 33,921 shares of the company’s stock, valued at $209,292.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 31.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wave Life Sciences

A number of institutional investors have recently added to or reduced their stakes in WVE. Oxford Asset Management LLP purchased a new position in Wave Life Sciences in the fourth quarter worth $51,000. Tower Research Capital LLC TRC boosted its position in shares of Wave Life Sciences by 461.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,335 shares of the company’s stock worth $57,000 after purchasing an additional 9,316 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Wave Life Sciences by 351.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,456 shares of the company’s stock worth $58,000 after buying an additional 8,920 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Wave Life Sciences during the 4th quarter valued at about $64,000. Finally, Teacher Retirement System of Texas purchased a new stake in Wave Life Sciences in the fourth quarter valued at about $86,000. 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.