TD Asset Management Inc Trims Position in WAVE Life Sciences Ltd. (NASDAQ:WVE)

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

Other hedge funds have also bought and sold shares of the company. GF Fund Management CO. LTD. bought a new stake in WAVE Life Sciences in the fourth quarter worth about $40,000. Quarry LP bought a new stake in shares of WAVE Life Sciences during the 4th quarter worth approximately $62,000. Summit Investment Advisors Inc. boosted its holdings in WAVE Life Sciences by 31.5% during the 4th 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 during the period. Westwood Wealth Management bought a new position in WAVE Life Sciences in the 4th quarter valued at $124,000. Finally, Ameriprise Financial Inc. purchased a new stake in WAVE Life Sciences in the fourth quarter worth $129,000. Institutional investors own 89.73% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on WVE shares. Cantor Fitzgerald started coverage on shares of WAVE Life Sciences in a report on Tuesday, April 29th. They issued an "overweight" rating and a $10.00 price target on the stock. Oppenheimer assumed coverage on WAVE Life Sciences in a research report on Monday, July 28th. They set an "outperform" rating and a $24.00 target price for the company. Wall Street Zen downgraded WAVE Life Sciences from a "hold" rating to a "sell" rating in a report on Friday, May 9th. Raymond James Financial started coverage on shares of WAVE Life Sciences in a research report on Wednesday, June 11th. They set an "outperform" rating and a $14.00 target price on the stock. Finally, Canaccord Genuity Group started coverage on shares of WAVE Life Sciences in a research report on Monday. They set a "buy" rating and a $19.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, WAVE Life Sciences has a consensus rating of "Moderate Buy" and a consensus target price of $20.27.

Insider Buying and Selling

In other WAVE Life Sciences news, Director Gregory L. Verdine sold 30,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $6.95, for a total transaction of $208,500.00. Following the completion of the transaction, the director directly owned 282,517 shares in the company, valued at approximately $1,963,493.15. This represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 23.98% of the company's stock.

WAVE Life Sciences Price Performance

WVE stock traded down $0.29 during trading on Wednesday, hitting $8.55. 1,985,004 shares of the company traded hands, compared to its average volume of 1,791,019. WAVE Life Sciences Ltd. has a 1 year low of $5.04 and a 1 year high of $16.74. The stock's 50-day simple moving average is $7.33 and its 200 day simple moving average is $8.26. The company has a market cap of $1.36 billion, a PE ratio of -9.50 and a beta of -0.95.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.31) earnings per share 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 the consensus estimate of $11.52 million. Research analysts expect that WAVE Life Sciences Ltd. will post -1.14 earnings per share for the current year.

WAVE Life Sciences 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.