Wave Life Sciences (NASDAQ:WVE) Stock Price Down 2.6% – Here’s Why

Wave Life Sciences Ltd. (NASDAQ:WVE)’s stock price fell 2.6% on Thursday . The stock traded as low as $13.06 and last traded at $13.06. 19,408 shares were traded during trading, a decline of 98% from the average session volume of 1,110,443 shares. The stock had previously closed at $13.41.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price objective on shares of Wave Life Sciences in a research report on Wednesday, November 13th. Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. StockNews.com downgraded shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a research note on Wednesday, November 13th. Finally, Leerink Partners boosted their target price on Wave Life Sciences from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Wave Life Sciences currently has an average rating of “Moderate Buy” and a consensus target price of $22.22.

Wave Life Sciences Trading Down 0.6 %

The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -12.01 and a beta of -1.21. The firm’s 50 day simple moving average is $14.48 and its two-hundred day simple moving average is $9.15.

Insider Buying and Selling

In other Wave Life Sciences news, major shareholder Plc Gsk bought 2,791,930 shares of Wave Life Sciences stock in a transaction dated Friday, September 27th. The stock was purchased at an average price of $8.00 per share, for a total transaction of $22,335,440.00. Following the completion of the purchase, the insider now directly owns 16,775,691 shares of the company’s stock, valued at approximately $134,205,528. This trade represents a 19.97 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Chris Francis sold 36,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was 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 have sold 436,544 shares of company stock worth $6,271,569 in the last 90 days. Insiders own 29.10% of the company’s stock.

Institutional Trading of Wave Life Sciences

Large investors have recently added to or reduced their stakes in the stock. Emerald Advisers LLC purchased a new position in shares of Wave Life Sciences in the second quarter worth $12,441,000. Maverick Capital Ltd. boosted its holdings in Wave Life Sciences by 31.0% in the 3rd quarter. Maverick Capital Ltd. now owns 10,047,520 shares of the company’s stock worth $82,390,000 after buying an additional 2,378,159 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new stake in Wave Life Sciences in the 2nd quarter worth $9,086,000. FMR LLC raised its holdings in Wave Life Sciences by 174.5% during the third quarter. FMR LLC now owns 1,540,190 shares of the company’s stock valued at $12,630,000 after acquiring an additional 979,110 shares during the period. Finally, RTW Investments LP bought a new position in shares of Wave Life Sciences in the third quarter worth about $7,380,000. Institutional investors own 89.73% of the company’s stock.

Wave Life Sciences Company Profile

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.