WAVE Life Sciences (NASDAQ:WVE) Stock Price Up 6.8% - Here's What Happened

WAVE Life Sciences Ltd. (NASDAQ:WVE - Get Free Report)'s stock price was up 6.8% during mid-day trading on Wednesday . The stock traded as high as $7.51 and last traded at $7.43. Approximately 476,622 shares changed hands during trading, a decline of 63% from the average daily volume of 1,283,024 shares. The stock had previously closed at $6.95.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WVE shares. HC Wainwright reissued a "buy" rating and set a $22.00 target price on shares of WAVE Life Sciences in a research note on Wednesday, March 26th. Wedbush reiterated an "outperform" rating and issued a $18.00 price objective on shares of WAVE Life Sciences in a report on Monday, June 23rd. Raymond James Financial began coverage on shares of WAVE Life Sciences in a report on Wednesday, June 11th. They set an "outperform" rating and a $14.00 price target for the company. Cantor Fitzgerald began coverage on shares of WAVE Life Sciences in a report on Tuesday, April 29th. They set an "overweight" rating and a $10.00 price target for the company. Finally, Wall Street Zen cut shares of WAVE Life Sciences from a "hold" rating to a "sell" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, WAVE Life Sciences has a consensus rating of "Moderate Buy" and a consensus target price of $20.50.

WAVE Life Sciences Stock Up 3.2%

The stock's 50-day moving average price is $6.71 and its 200 day moving average price is $8.81. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -9.46 and a beta of -1.01.

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

Insider Transactions at WAVE Life Sciences

In related news, Director Gregory L. Verdine sold 30,000 shares of the stock in a transaction dated 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 transaction, the director owned 282,517 shares of the company's stock, valued at $1,963,493.15. This represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 23.98% of the stock is owned by company insiders.

Institutional Trading of WAVE Life Sciences

Several hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its holdings in shares of WAVE Life Sciences by 3.8% during the first quarter. Goldman Sachs Group Inc. now owns 557,644 shares of the company's stock worth $4,506,000 after buying an additional 20,624 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of WAVE Life Sciences by 6.3% during the first quarter. Rhumbline Advisers now owns 132,700 shares of the company's stock worth $1,072,000 after buying an additional 7,860 shares in the last quarter. Strs Ohio acquired a new stake in shares of WAVE Life Sciences during the first quarter worth approximately $406,000. Ascent Group LLC acquired a new stake in shares of WAVE Life Sciences during the first quarter worth approximately $83,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of WAVE Life Sciences by 9.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,349 shares of the company's stock worth $463,000 after buying an additional 4,957 shares in the last quarter. Institutional investors and hedge funds own 89.73% of the company's stock.

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.