Wave Life Sciences (NASDAQ:WVE) Trading Up 6.5% – Here’s Why

Shares of Wave Life Sciences Ltd. (NASDAQ:WVE) shot up 6.5% during mid-day trading on Tuesday . The company traded as high as $13.75 and last traded at $13.69. 392,155 shares changed hands during trading, a decline of 65% from the average session volume of 1,113,608 shares. The stock had previously closed at $12.85.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on WVE shares. Wells Fargo & Company increased their target price on shares of Wave Life Sciences from $11.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. StockNews.com downgraded shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a research report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $22.00 target price on shares of Wave Life Sciences in a research note on Wednesday, November 13th. Royal Bank of Canada lifted their price target on shares of Wave Life Sciences from $7.00 to $15.00 and gave the company a “sector perform” rating in a report on Monday, October 21st. Finally, Leerink Partners boosted their target price on shares of Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.89.

Wave Life Sciences Stock Performance

The stock has a 50 day moving average of $10.76 and a 200 day moving average of $7.55. The stock has a market capitalization of $2.17 billion, a P/E ratio of -12.37 and a beta of -1.20.

Insider Activity at Wave Life Sciences

In related news, major shareholder Plc Gsk acquired 2,791,930 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were bought at an average price of $8.00 per share, with a total value of $22,335,440.00. Following the transaction, the insider now directly owns 16,775,691 shares of the company’s stock, valued at $134,205,528. This trade represents a 19.97 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Chris Francis sold 208,836 shares of Wave Life Sciences stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $13.67, for a total transaction of $2,854,788.12. The disclosure for this sale can be found here. Insiders sold 452,056 shares of company stock valued at $5,955,438 in the last three months. Corporate insiders own 29.10% of the company’s stock.

Institutional Trading of Wave Life Sciences

Several institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of Wave Life Sciences by 14.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,269,664 shares of the company’s stock worth $18,615,000 after purchasing an additional 283,419 shares during the period. Barclays PLC raised its position in shares of Wave Life Sciences by 171.1% in the third quarter. Barclays PLC now owns 159,241 shares of the company’s stock valued at $1,307,000 after buying an additional 100,498 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new position in Wave Life Sciences during the third quarter worth about $123,000. XTX Topco Ltd acquired a new stake in Wave Life Sciences in the third quarter valued at approximately $126,000. Finally, Jane Street Group LLC increased its holdings in shares of Wave Life Sciences by 33.3% in the 3rd quarter. Jane Street Group LLC now owns 142,014 shares of the company’s stock valued at $1,165,000 after acquiring an additional 35,472 shares during the period. 89.73% of the stock is currently owned by institutional investors.

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.