Wave Life Sciences (NASDAQ:WVE) Stock Price Down 5.8% – Here’s Why

Wave Life Sciences Ltd. (NASDAQ:WVE) shares dropped 5.8% during trading on Monday . The stock traded as low as $10.30 and last traded at $10.53. Approximately 595,601 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 860,942 shares. The stock had previously closed at $11.17.

Wall Street Analyst Weigh In

WVE has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a report on Wednesday, November 13th. StockNews.com lowered shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a research note on Wednesday, November 13th. Mizuho raised their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. JPMorgan Chase & Co. lifted their target price on shares of Wave Life Sciences from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Leerink Partners upped their price target on Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.22.

Wave Life Sciences Price Performance

The company has a market cap of $1.66 billion, a P/E ratio of -9.83 and a beta of -1.09. The company’s 50-day moving average is $12.55 and its two-hundred day moving average is $10.68.

Insider Buying and Selling at Wave Life Sciences

In other news, CEO Paul Bolno sold 51,234 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $14.32, for a total transaction of $733,670.88. Following the transaction, the chief executive officer now directly owns 217,351 shares of the company’s stock, valued at $3,112,466.32. This represents a 19.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 29.10% of the company’s stock.

Institutional Investors Weigh In On Wave Life Sciences

Several large investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its holdings in shares of Wave Life Sciences by 26.3% during the 2nd quarter. AQR Capital Management LLC now owns 33,529 shares of the company’s stock valued at $167,000 after acquiring an additional 6,973 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Wave Life Sciences by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 139,790 shares of the company’s stock valued at $698,000 after purchasing an additional 4,914 shares during the period. Moody Aldrich Partners LLC boosted its holdings in Wave Life Sciences by 69.0% in the third quarter. Moody Aldrich Partners LLC now owns 303,062 shares of the company’s stock worth $2,485,000 after purchasing an additional 123,703 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Wave Life Sciences by 23.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock worth $37,000 after purchasing an additional 856 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in Wave Life Sciences by 66.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 23,991 shares of the company’s stock valued at $197,000 after buying an additional 9,603 shares during the last quarter. 89.73% of the stock is currently owned by institutional investors.

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.