WAVE Life Sciences (NASDAQ:WVE) Stock Price Down 5.3% - Here's What Happened

Key Points

• WAVE Life Sciences Ltd. saw a significant stock price decline of 5.3%, trading as low as $7.76, with a drastic reduction in trading volume of 91% compared to its average session volume.
• Equities analysts have mixed ratings on WAVE Life Sciences, with 14 analysts$20.33, despite Weiss Ratings issuing a "sell" rating.
• The company reported a quarterly earnings loss of ($0.31) EPS, which was below the consensus estimate, highlighting ongoing financial challenges despite institutional interest in the stock.

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s share price traded down 5.3% during mid-day trading on Friday . The company traded as low as $7.88 and last traded at $7.76. 128,887 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,486,981 shares. The stock had previously closed at $8.19.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on WVE shares. Weiss Ratings reissued a "sell (d-)" rating on shares of WAVE Life Sciences in a report on Wednesday. Canaccord Genuity Group assumed coverage on WAVE Life Sciences in a report on Monday, August 4th. They issued a "buy" rating and a $19.00 target price on the stock. Leerink Partners set a $26.00 price target on shares of WAVE Life Sciences in a research report on Wednesday, September 3rd. Oppenheimer started coverage on shares of WAVE Life Sciences in a research note on Monday, July 28th. They set an "outperform" rating and a $24.00 target price on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $22.00 target price on shares of WAVE Life Sciences in a research report on Wednesday, September 3rd. Fourteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, WAVE Life Sciences has a consensus rating of "Moderate Buy" and an average target price of $20.33.

WAVE Life Sciences Stock Down 8.4%

The stock's 50 day moving average price is $8.15 and its 200-day moving average price is $7.38. The stock has a market capitalization of $1.19 billion, a P/E ratio of -8.32 and a beta of -1.37.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The company had revenue of $8.70 million for the quarter, compared to analysts' expectations of $11.52 million. Analysts anticipate that WAVE Life Sciences Ltd. will post -1.14 earnings per share for the current year.

Insider Buying and Selling at WAVE Life Sciences

In other news, CEO Paul Bolno sold 217,351 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $10.10, for a total value of $2,195,245.10. Following the sale, the chief executive officer owned 121,000 shares in the company, valued at $1,222,100. This represents a 64.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christian O. Henry sold 9,670 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $8.81, for a total value of $85,192.70. Following the sale, the director directly owned 29,645 shares in the company, valued at approximately $261,172.45. This trade represents a 24.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,893 shares of company stock worth $2,423,068 over the last ninety days. 23.98% of the stock is owned by insiders.

Institutional Investors Weigh In On WAVE Life Sciences

A number of institutional investors have recently added to or reduced their stakes in WVE. Rhumbline Advisers increased its holdings in WAVE Life Sciences by 6.3% in the 1st quarter. Rhumbline Advisers now owns 132,700 shares of the company's stock worth $1,072,000 after acquiring an additional 7,860 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of WAVE Life Sciences by 23.9% in the first quarter. Principal Financial Group Inc. now owns 308,044 shares of the company's stock valued at $2,489,000 after purchasing an additional 59,399 shares during the period. Moody Aldrich Partners LLC grew its position in shares of WAVE Life Sciences by 10.4% in the first quarter. Moody Aldrich Partners LLC now owns 439,827 shares of the company's stock valued at $3,554,000 after purchasing an additional 41,352 shares during the period. Bank of New York Mellon Corp boosted its holdings in WAVE Life Sciences by 0.9% in the 1st quarter. Bank of New York Mellon Corp now owns 247,251 shares of the company's stock worth $1,998,000 after buying an additional 2,278 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in WAVE Life Sciences by 38.0% in the 1st quarter. New York State Common Retirement Fund now owns 150,513 shares of the company's stock worth $1,216,000 after buying an additional 41,429 shares during 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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