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

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

Analyst Ratings Changes

WVE has been the topic of several research reports. Truist Financial raised their price objective on shares of Wave Life Sciences from $17.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Wells Fargo & Company raised their price target on Wave Life Sciences from $11.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. B. Riley upped their price objective on Wave Life Sciences from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Royal Bank of Canada increased their price objective on Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Monday, October 21st. Finally, Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $13.00 to $22.00 in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.22.

Wave Life Sciences Stock Down 4.4 %

The stock has a fifty day moving average of $14.14 and a two-hundred day moving average of $9.62. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of -11.26 and a beta of -1.07.

Insider Activity

In other Wave Life Sciences news, CEO Paul Bolno sold 90,474 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $15.00, for a total transaction of $1,357,110.00. Following the sale, the chief executive officer now directly owns 268,585 shares in the company, valued at approximately $4,028,775. The trade was a 25.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chris Francis sold 36,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $16.00, for a total value of $576,000.00. The disclosure for this sale can be found here. Insiders sold 436,544 shares of company stock worth $6,271,569 in the last 90 days. 29.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wave Life Sciences

Several hedge funds have recently modified their holdings of WVE. Charles Schwab Investment Management Inc. boosted its position in shares of Wave Life Sciences by 209.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 844,617 shares of the company’s stock worth $6,926,000 after acquiring an additional 571,345 shares during the last quarter. FMR LLC raised its stake in Wave Life Sciences by 174.5% during the third quarter. FMR LLC now owns 1,540,190 shares of the company’s stock worth $12,630,000 after purchasing an additional 979,110 shares during the period. Maven Securities LTD acquired a new position in shares of Wave Life Sciences in the 3rd quarter valued at $6,970,000. Privium Fund Management B.V. purchased a new stake in shares of Wave Life Sciences during the 3rd quarter valued at $400,000. Finally, Moody Aldrich Partners LLC increased its holdings in shares of Wave Life Sciences by 69.0% during the 3rd quarter. Moody Aldrich Partners LLC now owns 303,062 shares of the company’s stock worth $2,485,000 after buying an additional 123,703 shares during the last quarter. 89.73% of the stock is 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.