WAVE Life Sciences (NASDAQ:WVE) Stock Price Down 6.8% - Should You Sell?

Shares of WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) were down 6.8% 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

WVE has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of WAVE Life Sciences in a research report on Tuesday, April 29th. They issued an "overweight" rating and a $10.00 price objective for the company. Wedbush started coverage on WAVE Life Sciences in a report on Tuesday, April 8th. They issued an "outperform" rating and a $18.00 price target for the company. Raymond James Financial assumed coverage on shares of WAVE Life Sciences in a research note on Wednesday, June 11th. They set an "outperform" rating and a $14.00 price objective for the company. Wall Street Zen lowered shares of WAVE Life Sciences from a "hold" rating to a "sell" rating in a research report on Friday, May 9th. Finally, Jefferies Financial Group assumed coverage on shares of WAVE Life Sciences in a report on Tuesday, February 25th. They set a "buy" rating and a $26.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.50.

WAVE Life Sciences Stock Down 5.0%

The stock has a 50-day moving average of $6.60 and a 200 day moving average of $9.55. The stock has a market cap of $1.01 billion, a PE ratio of -7.81 and a beta of -1.04.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last released 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 business had revenue of $9.18 million during the quarter, compared to the consensus estimate of $11.65 million. During the same quarter last year, the business earned ($0.24) EPS. Research analysts forecast that WAVE Life Sciences Ltd. will post -1.14 EPS for the current fiscal year.

Insider Transactions at WAVE Life Sciences

In related news, Director Gregory L. Verdine sold 30,000 shares of the company's 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 owns 282,517 shares in the company, valued at $1,963,493.15. This represents a 9.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 29.10% of the company's stock.

Institutional Trading of WAVE Life Sciences

Hedge funds have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. lifted its position in WAVE Life Sciences by 30.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 12,516,500 shares of the company's stock valued at $101,133,000 after purchasing an additional 2,894,396 shares during the period. Driehaus Capital Management LLC raised its position in WAVE Life Sciences by 14.6% in the fourth quarter. Driehaus Capital Management LLC now owns 6,712,449 shares of the company's stock worth $83,033,000 after acquiring an additional 853,589 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in 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 valued at $63,074,000 after acquiring an additional 1,972,262 shares during the period. 683 Capital Management LLC boosted its position in shares of 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 worth $31,714,000 after purchasing an additional 140,000 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of WAVE Life Sciences by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 3,206,403 shares of the company's stock worth $25,908,000 after purchasing an additional 23,891 shares during the period. 89.73% of the stock is owned by institutional investors and hedge funds.

About WAVE Life Sciences

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.