Wave Life Sciences (NASDAQ:WVE) Shares Up 5.8%

Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) shares rose 5.8% on Friday . The company traded as high as $6.26 and last traded at $6.24. Approximately 288,104 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 809,170 shares. The stock had previously closed at $5.90.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wells Fargo & Company started coverage on Wave Life Sciences in a research note on Wednesday. They issued an "overweight" rating and a $11.00 target price on the stock. Truist Financial reiterated a "buy" rating and issued a $17.00 price target on shares of Wave Life Sciences in a research note on Monday, April 1st. StockNews.com downgraded shares of Wave Life Sciences from a "buy" rating to a "hold" rating in a research note on Friday, May 10th. Royal Bank of Canada restated a "sector perform" rating and issued a $5.00 price objective on shares of Wave Life Sciences in a report on Thursday, March 7th. Finally, HC Wainwright upped their target price on Wave Life Sciences from $8.00 to $15.00 and gave the stock a "buy" rating in a report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $10.25.

Wave Life Sciences Price Performance

The firm's 50-day simple moving average is $5.76 and its 200 day simple moving average is $5.21. The firm has a market capitalization of $766.60 million, a price-to-earnings ratio of -12.04 and a beta of -0.99.

Wave Life Sciences (NASDAQ:WVE - Get Free Report) last issued its earnings results on Thursday, May 9th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The business had revenue of $12.54 million during the quarter, compared to analysts' expectations of $25.67 million. During the same period last year, the firm posted ($0.27) earnings per share. As a group, research analysts predict that Wave Life Sciences Ltd. will post -0.85 earnings per share for the current year.

Insider Activity

In other Wave Life Sciences news, CFO Kyle Moran sold 15,630 shares of the business's stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total transaction of $96,437.10. Following the sale, the chief financial officer now directly owns 33,921 shares of the company's stock, valued at approximately $209,292.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 31.10% of the company's stock.

Institutional Investors Weigh In On Wave Life Sciences

Institutional investors have recently modified their holdings of the company. Artal Group S.A. lifted its stake in Wave Life Sciences by 34.7% in the first quarter. Artal Group S.A. now owns 4,051,400 shares of the company's stock valued at $24,997,000 after buying an additional 1,044,000 shares during the period. Ikarian Capital LLC bought a new position in Wave Life Sciences during the first quarter worth $3,641,000. Vanguard Group Inc. grew its holdings in Wave Life Sciences by 39.7% in the first quarter. Vanguard Group Inc. now owns 1,834,090 shares of the company's stock worth $11,316,000 after purchasing an additional 521,665 shares during the period. M28 Capital Management LP increased its stake in Wave Life Sciences by 4.7% in the fourth quarter. M28 Capital Management LP now owns 7,373,413 shares of the company's stock valued at $37,236,000 after purchasing an additional 328,913 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in Wave Life Sciences in the 1st quarter valued at about $1,768,000. 89.73% of the stock is 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.