WAVE Life Sciences (NASDAQ:WVE) Stock Price Down 6.8% - Here's Why

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s stock price was down 6.8% during mid-day trading on Friday . The company traded as low as $6.46 and last traded at $6.43. Approximately 224,877 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 1,318,770 shares. The stock had previously closed at $6.90.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on WVE shares. Jefferies Financial Group assumed coverage on WAVE Life Sciences in a report on Tuesday, February 25th. They issued a "buy" rating and a $26.00 target price on the stock. Wedbush reissued an "outperform" rating and issued a $18.00 price objective on shares of WAVE Life Sciences in a research report on Monday. HC Wainwright reissued a "buy" rating and set a $22.00 target price on shares of WAVE Life Sciences in a research report on Wednesday, March 26th. 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, Wall Street Zen lowered WAVE Life Sciences from a "hold" rating to a "sell" rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.50.

WAVE Life Sciences Stock Up 5.9%

The firm has a market cap of $1.07 billion, a PE ratio of -8.29 and a beta of -1.04. The company's 50 day moving average price is $6.62 and its two-hundred day moving average price is $9.43.

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

Insider Buying and Selling

In other news, Director Gregory L. Verdine sold 30,000 shares of the business'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 transaction of $208,500.00. Following the transaction, the director now directly owns 282,517 shares in the company, valued at $1,963,493.15. The trade was a 9.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 29.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its stake in shares of WAVE Life Sciences by 16.1% in the fourth quarter. Rhumbline Advisers now owns 124,840 shares of the company's stock worth $1,544,000 after acquiring an additional 17,316 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of WAVE Life Sciences in the 4th quarter valued at $3,076,000. New York State Common Retirement Fund lifted its position in WAVE Life Sciences by 6.8% during the 4th quarter. New York State Common Retirement Fund now owns 109,084 shares of the company's stock worth $1,349,000 after acquiring an additional 6,900 shares during the period. Handelsbanken Fonder AB purchased a new stake in shares of WAVE Life Sciences in the fourth quarter valued at about $628,000. Finally, Bank of New York Mellon Corp raised its position in WAVE Life Sciences by 21.4% in the fourth quarter. Bank of New York Mellon Corp now owns 244,973 shares of the company's stock worth $3,030,000 after acquiring an additional 43,143 shares in the last quarter. Hedge funds and other 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.