Wave Life Sciences (NASDAQ:WVE) Trading 5.7% Higher – Still a Buy?

Wave Life Sciences Ltd. (NASDAQ:WVE) rose 5.7% during trading on Monday . The stock traded as high as $16.38 and last traded at $15.96. Approximately 264,272 shares changed hands during trading, a decline of 76% from the average daily volume of 1,107,457 shares. The stock had previously closed at $15.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $13.00 to $22.00 in a report on Wednesday, October 16th. Royal Bank of Canada lifted their target price on shares of Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a report on Monday, October 21st. JPMorgan Chase & Co. boosted their price objective on Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Wells Fargo & Company lifted 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. Finally, StockNews.com cut Wave Life Sciences from a “hold” rating to a “sell” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Wave Life Sciences presently has a consensus rating of “Moderate Buy” and an average target price of $22.22.

Wave Life Sciences Trading Down 8.1 %

The company’s 50-day moving average is $12.81 and its 200-day moving average is $8.28.

Insider Buying and Selling at Wave Life Sciences

In related news, major shareholder Plc Gsk acquired 2,791,930 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was acquired at an average price of $8.00 per share, with a total value of $22,335,440.00. Following the purchase, the insider now directly owns 16,775,691 shares in the company, valued at approximately $134,205,528. This trade represents a 19.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kyle Moran sold 17,146 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $9.00, for a total transaction of $154,314.00. Following the sale, the chief financial officer now directly owns 19,777 shares in the company, valued at approximately $177,993. The trade was a 46.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 453,690 shares of company stock valued at $6,425,883. 29.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wave Life Sciences

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Wave Life Sciences by 23.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock worth $37,000 after acquiring an additional 856 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Wave Life Sciences by 13.6% during the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after purchasing an additional 1,905 shares during the period. Rhumbline Advisers grew its stake in shares of Wave Life Sciences by 3.4% in the second quarter. Rhumbline Advisers now owns 125,834 shares of the company’s stock worth $628,000 after purchasing an additional 4,092 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Wave Life Sciences by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 139,790 shares of the company’s stock valued at $698,000 after purchasing an additional 4,914 shares during the period. Finally, US Bancorp DE raised its position in Wave Life Sciences by 53.9% during the 3rd quarter. US Bancorp DE now owns 18,043 shares of the company’s stock worth $148,000 after purchasing an additional 6,316 shares during the last quarter. 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.