WAVE Life Sciences (NASDAQ:WVE) Trading Down 6.5% - Here's What Happened

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded WAVE Life Sciences from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. Wedbush reissued an "outperform" rating and set a $18.00 price objective on shares of WAVE Life Sciences in a report on Monday, June 23rd. Cantor Fitzgerald initiated coverage on WAVE Life Sciences in a report on Tuesday, April 29th. They set an "overweight" rating and a $10.00 price objective on the stock. Citigroup initiated coverage on WAVE Life Sciences in a report on Wednesday. They set a "buy" rating and a $16.00 price objective on the stock. Finally, Raymond James Financial initiated coverage on WAVE Life Sciences in a report on Wednesday, June 11th. They set an "outperform" rating and a $14.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, WAVE Life Sciences currently has an average rating of "Moderate Buy" and an average price target of $20.15.

WAVE Life Sciences Trading Up 3.8%

The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -9.88 and a beta of -1.01. The stock has a fifty day simple moving average of $6.79 and a 200-day simple moving average of $8.63.

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

Insider Activity at WAVE Life Sciences

In other WAVE Life Sciences news, Director Gregory L. Verdine sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $6.95, for a total value of $208,500.00. Following the completion of the sale, the director owned 282,517 shares in the company, valued at approximately $1,963,493.15. This trade represents a 9.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 23.98% of the company's stock.

Institutional Trading of WAVE Life Sciences

Hedge funds have recently modified their holdings of the company. Squarepoint Ops LLC bought a new stake in shares of WAVE Life Sciences in the 4th quarter worth approximately $256,000. Corebridge Financial Inc. lifted its position in shares of WAVE Life Sciences by 10.7% in the 4th quarter. Corebridge Financial Inc. now owns 45,824 shares of the company's stock worth $567,000 after acquiring an additional 4,423 shares during the period. Vanguard Group Inc. lifted its position in shares of WAVE Life Sciences by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 3,182,512 shares of the company's stock worth $39,368,000 after acquiring an additional 294,956 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of WAVE Life Sciences by 23.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,392 shares of the company's stock worth $648,000 after acquiring an additional 9,907 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of WAVE Life Sciences by 58.5% in the 4th quarter. Bank of America Corp DE now owns 435,896 shares of the company's stock worth $5,392,000 after acquiring an additional 160,820 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.