WAVE Life Sciences (NASDAQ:WVE) Shares Cross Below Fifty Day Moving Average - Here's Why

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) shares passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $6.57 and traded as low as $6.50. WAVE Life Sciences shares last traded at $6.90, with a volume of 876,371 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on WVE shares. Wall Street Zen lowered shares of WAVE Life Sciences from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. Cantor Fitzgerald initiated coverage on WAVE Life Sciences in a report on Tuesday, April 29th. They set an "overweight" rating and a $10.00 target price on the stock. Wedbush began coverage on WAVE Life Sciences in a research report on Tuesday, April 8th. They issued an "outperform" rating and a $18.00 price target for the company. Raymond James Financial initiated coverage on WAVE Life Sciences in a research note on Wednesday, June 11th. They set an "outperform" rating and a $14.00 price target for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $22.00 price objective on shares of WAVE Life Sciences in a research note on Wednesday, March 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, WAVE Life Sciences currently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

WAVE Life Sciences Trading Up 4.7%

The company's fifty day moving average is $6.57 and its 200-day moving average is $9.61. The firm has a market capitalization of $1.06 billion, a P/E ratio of -8.21 and a beta of -1.04.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The business had revenue of $9.18 million during the quarter, compared to the consensus estimate of $11.65 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. On average, equities research analysts anticipate that WAVE Life Sciences Ltd. will post -1.14 EPS for the current year.

Insider Buying and Selling at WAVE Life Sciences

In other WAVE Life Sciences news, Director Gregory L. Verdine sold 30,000 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $6.95, for a total value of $208,500.00. Following the completion of the sale, the director now directly owns 282,517 shares of the company's stock, valued at $1,963,493.15. This represents a 9.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 29.10% of the company's stock.

Institutional Trading of WAVE Life Sciences

A number of hedge funds have recently bought and sold shares of the stock. GF Fund Management CO. LTD. bought a new position in shares of WAVE Life Sciences during the 4th quarter worth about $40,000. Quarry LP bought a new position in shares of WAVE Life Sciences during the 4th quarter worth about $62,000. Summit Investment Advisors Inc. lifted its holdings in shares of WAVE Life Sciences by 31.5% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock worth $119,000 after acquiring an additional 2,308 shares during the period. Westwood Wealth Management bought a new position in shares of WAVE Life Sciences during the 4th quarter worth about $124,000. Finally, Knott David M Jr bought a new position in WAVE Life Sciences during the 1st quarter valued at about $81,000. 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.