Wave Life Sciences (NASDAQ:WVE) Trading Down 4.9%

Wave Life Sciences Ltd. (NASDAQ:WVE) dropped 4.9% on Tuesday . The company traded as low as $5.45 and last traded at $5.46. Approximately 194,685 shares traded hands during trading, a decline of 78% from the average daily volume of 869,616 shares. The stock had previously closed at $5.74.

Analyst Upgrades and Downgrades

WVE has been the topic of a number of research reports. Truist Financial reaffirmed a “buy” rating and set a $17.00 target price on shares of Wave Life Sciences in a research note on Monday, April 1st. StockNews.com cut shares of Wave Life Sciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 18th. Leerink Partnrs raised shares of Wave Life Sciences from a “market perform” rating to an “outperform” rating in a research note on Tuesday, December 19th. SVB Leerink raised shares of Wave Life Sciences from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $5.00 to $12.00 in a research note on Tuesday, December 19th. Finally, HC Wainwright boosted their price objective on shares of Wave Life Sciences from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.14.

Wave Life Sciences Price Performance

The firm has a market cap of $643.19 million, a price-to-earnings ratio of -9.56 and a beta of -1.13. The firm’s fifty day moving average is $5.36 and its 200-day moving average is $5.24.

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

Insider Activity

In other news, CFO Kyle Moran sold 15,630 shares of the company’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 owns 33,921 shares in the company, valued at $209,292.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 31.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Wave Life Sciences by 257.9% during the second quarter. Royal Bank of Canada now owns 8,787 shares of the company’s stock valued at $32,000 after purchasing an additional 6,332 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Wave Life Sciences by 256.3% during the third quarter. Tower Research Capital LLC TRC now owns 9,217 shares of the company’s stock worth $34,000 after acquiring an additional 6,630 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Wave Life Sciences during the second quarter worth about $41,000. Mirabella Financial Services LLP bought a new stake in shares of Wave Life Sciences during the first quarter worth about $44,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Wave Life Sciences during the first quarter worth about $48,000. Institutional investors and hedge funds 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.