WAVE Life Sciences (NASDAQ:WVE) Shares Down 6.5% - What's Next?

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) traded down 6.5% during trading on Tuesday . The stock traded as low as $7.37 and last traded at $7.33. 426,640 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 1,296,262 shares. The stock had previously closed at $7.84.

Wall Street Analyst Weigh In

WVE has been the subject of several analyst reports. Raymond James Financial initiated coverage on WAVE Life Sciences in a report on Wednesday, June 11th. They issued an "outperform" rating and a $14.00 target price for the company. Cantor Fitzgerald began 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. HC Wainwright reaffirmed a "buy" rating and issued a $22.00 target price on shares of WAVE Life Sciences in a report on Wednesday, March 26th. Wedbush restated an "outperform" rating and set a $18.00 price target on shares of WAVE Life Sciences in a research report on Monday, June 23rd. Finally, Wall Street Zen cut WAVE Life Sciences from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.50.

WAVE Life Sciences Stock Performance

The firm has a 50-day moving average price of $6.71 and a 200-day moving average price of $8.71. The stock has a market cap of $1.20 billion, a PE ratio of -9.18 and a beta of -1.01.

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

Insider Activity

In other news, Director Gregory L. Verdine sold 30,000 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $6.95, for a total value of $208,500.00. Following the transaction, the director directly owned 282,517 shares of the company's stock, valued at approximately $1,963,493.15. This trade represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 23.98% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. raised its position in WAVE Life Sciences by 30.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 12,516,500 shares of the company's stock worth $101,133,000 after acquiring an additional 2,894,396 shares during the last quarter. Driehaus Capital Management LLC increased its position in WAVE Life Sciences by 14.6% during the fourth quarter. Driehaus Capital Management LLC now owns 6,712,449 shares of the company's stock worth $83,033,000 after purchasing an additional 853,589 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of WAVE Life Sciences by 63.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,098,866 shares of the company's stock worth $63,074,000 after acquiring an additional 1,972,262 shares in the last quarter. 683 Capital Management LLC grew its holdings in WAVE Life Sciences by 3.7% during the 1st quarter. 683 Capital Management LLC now owns 3,925,000 shares of the company's stock valued at $31,714,000 after purchasing an additional 140,000 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in WAVE Life Sciences by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 3,206,403 shares of the company's stock valued at $25,908,000 after purchasing an additional 23,891 shares in the last quarter. Institutional investors and hedge funds 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.

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