Wave Life Sciences (NASDAQ:WVE) Shares Gap Up – Time to Buy?

Wave Life Sciences Ltd. (NASDAQ:WVE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $10.48, but opened at $11.07. Wave Life Sciences shares last traded at $10.64, with a volume of 65,421 shares.

Analysts Set New Price Targets

WVE has been the topic of a number of analyst reports. B. Riley lifted their price target on Wave Life Sciences from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Jefferies Financial Group began coverage on shares of Wave Life Sciences in a report on Tuesday. They issued a “buy” rating and a $26.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price target on shares of Wave Life Sciences in a report on Wednesday, November 13th. Mizuho raised their price target on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, Truist Financial boosted their target price on shares of Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.60.

Wave Life Sciences Stock Performance

The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -9.45 and a beta of -1.09. The company’s 50-day moving average is $11.98 and its 200-day moving average is $10.98.

Hedge Funds Weigh In On Wave Life Sciences

Several large investors have recently made changes to their positions in WVE. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Wave Life Sciences by 23.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock valued at $37,000 after buying an additional 856 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Wave Life Sciences in the 4th quarter valued at $40,000. Quarry LP bought a new position in shares of Wave Life Sciences in the 4th quarter worth $62,000. KBC Group NV bought a new stake in Wave Life Sciences in the fourth quarter valued at about $67,000. Finally, Point72 DIFC Ltd acquired a new position in Wave Life Sciences in the third quarter valued at about $98,000. 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.