Wave Life Sciences (NASDAQ:WVE) Shares Down 6.1% – Here’s Why

Wave Life Sciences Ltd. (NASDAQ:WVE)’s share price fell 6.1% during mid-day trading on Wednesday . The stock traded as low as $10.85 and last traded at $10.54. 303,913 shares traded hands during trading, a decline of 66% from the average session volume of 886,507 shares. The stock had previously closed at $11.23.

Analyst Ratings Changes

WVE has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and set a $22.00 target price on shares of Wave Life Sciences in a research report on Wednesday. StockNews.com raised shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Truist Financial increased their price target on Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Jefferies Financial Group initiated coverage on Wave Life Sciences in a report on Tuesday, February 25th. They set a “buy” rating and a $26.00 price target for the company. Finally, Mizuho upped their price objective on Wave Life Sciences from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.60.

Wave Life Sciences Price Performance

The firm has a market capitalization of $1.62 billion, a P/E ratio of -9.59 and a beta of -1.09. The firm has a 50-day moving average price of $11.63 and a two-hundred day moving average price of $11.19.

Institutional Trading of Wave Life Sciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its position in Wave Life Sciences by 23.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock valued at $37,000 after purchasing an additional 856 shares during the period. US Bancorp DE increased its holdings in shares of Wave Life Sciences by 53.9% in the 3rd quarter. US Bancorp DE now owns 18,043 shares of the company’s stock valued at $148,000 after acquiring an additional 6,316 shares during the period. James J. Burns & Company LLC increased its holdings in shares of Wave Life Sciences by 11.2% in the 3rd quarter. James J. Burns & Company LLC now owns 100,111 shares of the company’s stock valued at $821,000 after acquiring an additional 10,111 shares during the period. Privium Fund Management B.V. bought a new position in shares of Wave Life Sciences in the 3rd quarter worth $400,000. Finally, GSA Capital Partners LLP lifted its stake in shares of Wave Life Sciences by 14.9% during the 3rd quarter. GSA Capital Partners LLP now owns 63,513 shares of the company’s stock worth $521,000 after purchasing an additional 8,255 shares during the last quarter. 89.73% of the stock is currently owned by institutional investors.

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.