WAVE Life Sciences Ltd. (NASDAQ:WVE) Position Cut by TD Asset Management Inc

Key Points

• TD Asset Management Inc has reduced its stake in WAVE Life Sciences Ltd. by 51.2% in the first quarter, owning 154,408 shares valued at approximately $1.25 million after the sale.
• WAVE Life Sciences' stock has seen a price target adjustment, with analysts setting a range from $10.00 to $24.00, while the consensus rating stands at "Moderate Buy" with a target of $20.36.
• Insider trading activity includes Director Gregory L. Verdine selling 30,000 shares at an average price of $6.95, resulting in a 9.60% reduction of his ownership in the company.

TD Asset Management Inc reduced its stake in shares of WAVE Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 51.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,408 shares of the company's stock after selling 161,798 shares during the period. TD Asset Management Inc owned 0.10% of WAVE Life Sciences worth $1,248,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new position in WAVE Life Sciences in the fourth quarter valued at approximately $40,000. Quarry LP acquired a new stake in WAVE Life Sciences in the fourth quarter valued at approximately $62,000. Summit Investment Advisors Inc. grew its position in WAVE Life Sciences by 31.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock valued at $119,000 after acquiring an additional 2,308 shares in the last quarter. Westwood Wealth Management acquired a new stake in WAVE Life Sciences in the fourth quarter valued at approximately $124,000. Finally, Ameriprise Financial Inc. acquired a new stake in WAVE Life Sciences in the fourth quarter valued at approximately $129,000. Hedge funds and other institutional investors own 89.73% of the company's stock.

WAVE Life Sciences Trading Down 1.4%

WAVE Life Sciences stock traded down $0.11 during mid-day trading on Friday, reaching $8.02. The company's stock had a trading volume of 584,535 shares, compared to its average volume of 1,301,983. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of -8.91 and a beta of -0.95. The business has a 50 day moving average price of $7.42 and a 200-day moving average price of $8.24. WAVE Life Sciences Ltd. has a twelve month low of $5.04 and a twelve month high of $16.74.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.02). The business had revenue of $8.70 million for the quarter, compared to analysts' expectations of $11.52 million. On average, equities analysts expect that WAVE Life Sciences Ltd. will post -1.14 EPS for the current fiscal year.

Analyst Ratings Changes

WVE has been the subject of several recent research reports. Wedbush reaffirmed an "outperform" rating and issued a $18.00 price objective on shares of WAVE Life Sciences in a research report on Monday, June 23rd. Canaccord Genuity Group initiated coverage on shares of WAVE Life Sciences in a research report on Monday. They issued a "buy" rating and a $19.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of WAVE Life Sciences from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Oppenheimer began coverage on shares of WAVE Life Sciences in a research report on Monday, July 28th. They issued an "outperform" rating and a $24.00 price objective for the company. Finally, Cantor Fitzgerald began coverage on shares of WAVE Life Sciences in a research report on Tuesday, April 29th. They set an "overweight" rating and a $10.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, WAVE Life Sciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.27.

Insiders Place Their Bets

In other WAVE Life Sciences news, Director Gregory L. Verdine sold 30,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $6.95, for a total value of $208,500.00. Following the sale, the director directly owned 282,517 shares in the company, valued at approximately $1,963,493.15. This trade represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ken Takanashi sold 4,872 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $8.75, for a total value of $42,630.00. Following the completion of the sale, the director owned 5,716,303 shares in the company, valued at $50,017,651.25. The trade was a 0.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 23.98% 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.