WAVE Life Sciences (NASDAQ:WVE) Trading Down 11.4% - Here's Why

Key Points

• WAVE Life Sciences shares fell by 11.4%, trading as low as $6.94, amidst an increase in trading volume of 48% compared to the average daily volume.
• Despite the recent dip, the stock has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $21.00.
• Insider trading activity includes significant share sales, with one director selling 9,670 shares, representing a 24.60% decrease in their ownership stake.

Shares of WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) were down 11.4% during mid-day trading on Wednesday . The company traded as low as $6.94 and last traded at $6.95. Approximately 2,245,844 shares traded hands during mid-day trading, an increase of 48% from the average daily volume of 1,519,896 shares. The stock had previously closed at $7.85.

Analyst Upgrades and Downgrades

WVE has been the topic of a number of recent analyst reports. Wells Fargo & Company initiated coverage on WAVE Life Sciences in a research note on Monday. They set an "overweight" rating and a $18.00 price target on the stock. Canaccord Genuity Group assumed coverage on WAVE Life Sciences in a research report on Monday, August 4th. They issued a "buy" rating and a $19.00 target price on the stock. Oppenheimer assumed coverage on WAVE Life Sciences in a research report on Monday, July 28th. They issued an "outperform" rating and a $24.00 target price on the stock. B. Riley reaffirmed a "buy" rating on shares of WAVE Life Sciences in a research report on Thursday, September 4th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of WAVE Life Sciences in a research report on Wednesday, October 8th. Twelve research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, WAVE Life Sciences presently has a consensus rating of "Moderate Buy" and an average target price of $21.00.

WAVE Life Sciences Stock Performance

The firm has a fifty day moving average of $8.05 and a 200-day moving average of $7.36. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -7.98 and a beta of -1.37.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The firm had revenue of $8.70 million during the quarter, compared to the consensus estimate of $11.52 million. On average, analysts predict that WAVE Life Sciences Ltd. will post -1.14 EPS for the current year.

Insiders Place Their Bets

In other news, 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 transaction of $85,192.70. Following the completion of the sale, the director directly owned 29,645 shares in the company, valued at $261,172.45. This trade represents a 24.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ken Takanashi sold 4,872 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $8.75, for a total transaction of $42,630.00. Following the transaction, the director directly owned 5,716,303 shares in the company, valued at $50,017,651.25. The trade was a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 241,893 shares of company stock valued at $2,423,068 over the last ninety days. Insiders own 23.98% of the company's stock.

Institutional Investors Weigh In On WAVE Life Sciences

Several large investors have recently made changes to their positions in WVE. Ameritas Investment Partners Inc. increased its stake in shares of WAVE Life Sciences by 18.7% in the second quarter. Ameritas Investment Partners Inc. now owns 11,444 shares of the company's stock valued at $74,000 after purchasing an additional 1,802 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of WAVE Life Sciences by 44.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,658 shares of the company's stock valued at $76,000 after buying an additional 3,609 shares during the period. Prudential Financial Inc. acquired a new stake in shares of WAVE Life Sciences during the 2nd quarter valued at $80,000. Knott David M Jr acquired a new stake in shares of WAVE Life Sciences in the 1st quarter valued at $81,000. Finally, Ascent Group LLC acquired a new stake in shares of WAVE Life Sciences in the 1st quarter valued at $83,000. 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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