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

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

Analysts Set New Price Targets

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

Wave Life Sciences Price Performance

The business has a 50-day simple moving average of $5.73 and a two-hundred day simple moving average of $5.19. The stock has a market cap of $715.57 million, a price-to-earnings ratio of -10.64 and a beta of -0.99.

Wave Life Sciences (NASDAQ:WVE) last announced its earnings results on Wednesday, March 6th. The company reported ($0.15) EPS for the quarter, topping 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 previous year, the firm posted ($0.47) EPS. As a group, equities analysts anticipate that Wave Life Sciences Ltd. will post -0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Kyle Moran sold 15,630 shares of the company’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 transaction of $96,437.10. Following the completion of the sale, the chief financial officer now owns 33,921 shares of the company’s stock, valued at approximately $209,292.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 31.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wave Life Sciences

A number of hedge funds have recently made changes to their positions in the stock. M28 Capital Management LP raised its position in Wave Life Sciences by 4.7% in the fourth quarter. M28 Capital Management LP now owns 7,373,413 shares of the company’s stock valued at $37,236,000 after purchasing an additional 328,913 shares during the last quarter. Laurion Capital Management LP boosted its position in Wave Life Sciences by 5.1% during the 3rd quarter. Laurion Capital Management LP now owns 871,500 shares of the company’s stock worth $5,011,000 after buying an additional 42,662 shares during the period. Platinum Investment Management Ltd. grew its holdings in Wave Life Sciences by 43.9% during the 4th quarter. Platinum Investment Management Ltd. now owns 655,331 shares of the company’s stock worth $3,309,000 after acquiring an additional 200,000 shares during the last quarter. Newtyn Management LLC increased its position in Wave Life Sciences by 2.0% in the 3rd quarter. Newtyn Management LLC now owns 510,000 shares of the company’s stock valued at $2,932,000 after acquiring an additional 10,000 shares during the period. Finally, Wellington Management Group LLP increased its position in Wave Life Sciences by 3.5% in the 4th quarter. Wellington Management Group LLP now owns 274,093 shares of the company’s stock valued at $1,384,000 after acquiring an additional 9,208 shares during the period. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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.