Wave Life Sciences (NASDAQ:WVE) Trading Down 3.5%

Shares of Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) dropped 3.5% during mid-day trading on Wednesday . The company traded as low as $6.02 and last traded at $6.03. Approximately 88,899 shares were traded during trading, a decline of 90% from the average daily volume of 907,902 shares. The stock had previously closed at $6.25.

Analyst Ratings Changes

WVE has been the subject of a number of research analyst reports. Leerink Partnrs raised Wave Life Sciences from a "market perform" rating to an "outperform" rating in a research note on Tuesday, December 19th. Royal Bank of Canada restated a "sector perform" rating and set a $5.00 price objective on shares of Wave Life Sciences in a report on Thursday, March 7th. HC Wainwright upped their price objective on shares of Wave Life Sciences from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Thursday, March 7th. StockNews.com downgraded shares of Wave Life Sciences from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 18th. Finally, SVB Leerink upgraded shares of Wave Life Sciences from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $5.00 to $12.00 in a report on Tuesday, December 19th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Wave Life Sciences presently has an average rating of "Moderate Buy" and a consensus target price of $10.14.

Wave Life Sciences Price Performance

The firm has a market capitalization of $726.34 million, a P/E ratio of -10.80 and a beta of -1.12. The stock's fifty day simple moving average is $5.10 and its 200 day simple moving average is $5.21.

Wave Life Sciences (NASDAQ:WVE - Get Free Report) last announced its earnings results on Wednesday, March 6th. The company reported ($0.15) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.04. The firm had revenue of $29.06 million during the quarter, compared to the consensus estimate of $23.30 million. During the same quarter in the prior year, the firm posted ($0.47) earnings per share. As a group, sell-side analysts forecast that Wave Life Sciences Ltd. will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Wave Life Sciences

Several hedge funds have recently modified their holdings of the stock. James J. Burns & Company LLC lifted its stake in Wave Life Sciences by 10.2% during the 3rd quarter. James J. Burns & Company LLC now owns 33,049 shares of the company's stock valued at $190,000 after acquiring an additional 3,049 shares during the period. Wellington Management Group LLP raised its holdings in shares of Wave Life Sciences by 1.6% during the first quarter. Wellington Management Group LLP now owns 244,998 shares of the company's stock worth $1,061,000 after purchasing an additional 3,857 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Wave Life Sciences by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 169,693 shares of the company's stock valued at $976,000 after purchasing an additional 4,555 shares during the period. Rhumbline Advisers boosted its holdings in Wave Life Sciences by 5.7% in the third quarter. Rhumbline Advisers now owns 111,511 shares of the company's stock valued at $641,000 after purchasing an additional 6,026 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in Wave Life Sciences by 257.9% in the second quarter. Royal Bank of Canada now owns 8,787 shares of the company's stock valued at $32,000 after purchasing an additional 6,332 shares during 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.