Wave Life Sciences (NASDAQ:WVE) Shares Gap Down to $5.85

Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $5.85, but opened at $5.39. Wave Life Sciences shares last traded at $5.70, with a volume of 44,711 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. HC Wainwright lifted their target price on Wave Life Sciences from $8.00 to $15.00 and gave the company a "buy" rating in a research report on Thursday, March 7th. StockNews.com downgraded Wave Life Sciences from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 18th. Truist Financial restated a "buy" rating and set a $17.00 price objective on shares of Wave Life Sciences in a report on Monday, April 1st. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $5.00 target price on shares of Wave Life Sciences in a research report on Thursday, March 7th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Wave Life Sciences currently has a consensus rating of "Moderate Buy" and an average target price of $10.14.

Wave Life Sciences Stock Down 1.5 %

The company has a market capitalization of $704.56 million, a price-to-earnings ratio of -10.64 and a beta of -0.99. The business's 50-day moving average is $5.73 and its 200-day moving average is $5.19.

Wave Life Sciences (NASDAQ:WVE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.04. The company had revenue of $29.06 million during the quarter, compared to analyst estimates of $23.30 million. During the same period last year, the firm earned ($0.47) EPS. As a group, analysts expect that Wave Life Sciences Ltd. will post -0.94 EPS for the current year.

Insider Buying and Selling

In related news, CFO Kyle Moran sold 15,630 shares of the company's stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total transaction of $96,437.10. Following the completion of the sale, the chief financial officer now owns 33,921 shares of the company's stock, valued at approximately $209,292.57. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 31.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. ProShare Advisors LLC boosted its position in shares of Wave Life Sciences by 35.0% during the first quarter. ProShare Advisors LLC now owns 21,764 shares of the company's stock worth $134,000 after buying an additional 5,648 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Wave Life Sciences during the 1st quarter valued at about $405,000. Swiss National Bank grew its position in Wave Life Sciences by 2.7% in the 1st quarter. Swiss National Bank now owns 156,500 shares of the company's stock valued at $966,000 after acquiring an additional 4,100 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Wave Life Sciences during the first quarter worth about $586,000. Finally, Capstone Investment Advisors LLC lifted its position in shares of Wave Life Sciences by 9.0% during the first quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company's stock worth $336,000 after purchasing an additional 4,500 shares in 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.