Wave Life Sciences (NASDAQ:WVE) Stock Price Down 4.9%

Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s stock price dropped 4.9% during trading on Tuesday . The company traded as low as $5.45 and last traded at $5.46. Approximately 194,685 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 869,616 shares. The stock had previously closed at $5.74.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on WVE shares. Royal Bank of Canada reissued a "sector perform" rating and issued a $5.00 target price on shares of Wave Life Sciences in a report on Thursday, March 7th. Truist Financial reissued a "buy" rating and issued a $17.00 target price on shares of Wave Life Sciences in a report on Monday, April 1st. StockNews.com cut shares of Wave Life Sciences from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 18th. SVB Leerink raised shares of Wave Life Sciences from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $5.00 to $12.00 in a report on Tuesday, December 19th. Finally, Leerink Partnrs raised shares of Wave Life Sciences from a "market perform" rating to an "outperform" rating in a report on Tuesday, December 19th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.14.

Wave Life Sciences Price Performance

The stock has a fifty day moving average price of $5.36 and a two-hundred day moving average price of $5.24. The company has a market cap of $643.19 million, a P/E ratio of -9.56 and a beta of -1.13.

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

Insiders Place Their Bets

In other Wave Life Sciences news, CFO Kyle Moran sold 15,630 shares of the company's stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $6.17, for a total value of $96,437.10. Following the completion of the sale, the chief financial officer now directly owns 33,921 shares in the company, valued at $209,292.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 31.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WVE. BlackRock Inc. increased its holdings in shares of Wave Life Sciences by 1.5% in the first quarter. BlackRock Inc. now owns 2,937,786 shares of the company's stock valued at $5,876,000 after buying an additional 43,423 shares in the last quarter. Renaissance Technologies LLC raised its stake in Wave Life Sciences by 450.1% during the 1st quarter. Renaissance Technologies LLC now owns 205,194 shares of the company's stock valued at $410,000 after purchasing an additional 167,894 shares during the period. Goldman Sachs Group Inc. raised its stake in Wave Life Sciences by 274.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 421,412 shares of the company's stock valued at $843,000 after purchasing an additional 308,966 shares during the period. Mirabella Financial Services LLP acquired a new stake in Wave Life Sciences during the 1st quarter valued at $44,000. Finally, BNP Paribas Arbitrage SA raised its stake in Wave Life Sciences by 457.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 20,777 shares of the company's stock valued at $68,000 after purchasing an additional 17,047 shares during the period. Institutional investors own 89.73% of the company's stock.

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.