Wave Life Sciences (NASDAQ:WVE) Shares Gap Down – Here’s What Happened

Wave Life Sciences Ltd. (NASDAQ:WVE)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $16.44, but opened at $14.97. Wave Life Sciences shares last traded at $15.73, with a volume of 100,749 shares.

Wall Street Analyst Weigh In

A number of equities analysts have commented on WVE shares. HC Wainwright restated a “buy” rating and set a $22.00 price objective on shares of Wave Life Sciences in a research note on Thursday, October 31st. Royal Bank of Canada lifted their price target on Wave Life Sciences from $7.00 to $15.00 and gave the company a “sector perform” rating in a research note on Monday, October 21st. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $13.00 to $22.00 in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price objective on Wave Life Sciences from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company raised their price objective on Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.89.

Wave Life Sciences Price Performance

The stock has a 50 day moving average of $9.77 and a 200 day moving average of $7.19. The firm has a market cap of $1.97 billion, a P/E ratio of -27.53 and a beta of -1.20.

Insider Transactions at Wave Life Sciences

In related news, CEO Paul Bolno sold 90,474 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $15.00, for a total transaction of $1,357,110.00. Following the completion of the sale, the chief executive officer now owns 268,585 shares of the company’s stock, valued at $4,028,775. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Paul Bolno sold 90,474 shares of Wave Life Sciences stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $15.00, for a total transaction of $1,357,110.00. Following the transaction, the chief executive officer now owns 268,585 shares in the company, valued at $4,028,775. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Plc Gsk purchased 2,791,930 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were acquired at an average price of $8.00 per share, for a total transaction 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. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 364,822 shares of company stock worth $4,645,768. Company insiders own 29.10% of the company’s stock.

Institutional Trading of Wave Life Sciences

A number of large investors have recently made changes to their positions in WVE. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Wave Life Sciences by 23.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock worth $37,000 after buying an additional 856 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of Wave Life Sciences by 50.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock worth $45,000 after buying an additional 2,451 shares during the last quarter. Profund Advisors LLC bought a new stake in shares of Wave Life Sciences in the 2nd quarter worth about $53,000. Principal Financial Group Inc. bought a new stake in shares of Wave Life Sciences in the 2nd quarter worth about $74,000. Finally, Mackenzie Financial Corp increased its holdings in shares of Wave Life Sciences by 13.6% in the 2nd quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after buying an additional 1,905 shares during the last quarter. 89.73% of the stock is currently owned by institutional investors.

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.