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

Shares of Wave Life Sciences Ltd. (NASDAQ:WVE) gapped down prior to trading on Tuesday . The stock had previously closed at $8.08, but opened at $7.91. Wave Life Sciences shares last traded at $8.05, with a volume of 560,359 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on WVE. Jefferies Financial Group started coverage on shares of Wave Life Sciences in a report on Tuesday, February 25th. They set a “buy” rating and a $26.00 target price for the company. StockNews.com raised shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 8th. Finally, HC Wainwright restated a “buy” rating and set a $22.00 target price on shares of Wave Life Sciences in a report on Wednesday, March 26th. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.60.

Wave Life Sciences Trading Down 4.0 %

The firm has a market capitalization of $1.19 billion, a PE ratio of -6.98 and a beta of -1.04. The business has a fifty day moving average price of $10.68 and a two-hundred day moving average price of $11.74.

Wave Life Sciences (NASDAQ:WVE) last issued its quarterly earnings data on Tuesday, March 4th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.34. The firm had revenue of $83.75 million for the quarter, compared to analyst estimates of $25.60 million. Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 280.57%. On average, equities analysts forecast that Wave Life Sciences Ltd. will post -1.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wave Life Sciences news, CEO Paul Bolno sold 169,025 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $9.57, for a total value of $1,617,569.25. Following the sale, the chief executive officer now owns 338,351 shares of the company’s stock, valued at $3,238,019.07. This trade represents a 33.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christian O. Henry sold 10,500 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.77, for a total value of $102,585.00. Following the transaction, the director now directly owns 16,115 shares of the company’s stock, valued at approximately $157,443.55. This represents a 39.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Wave Life Sciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WVE. Victory Capital Management Inc. raised its stake in Wave Life Sciences by 16.6% during the 4th quarter. Victory Capital Management Inc. now owns 14,546 shares of the company’s stock valued at $180,000 after acquiring an additional 2,073 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Wave Life Sciences by 31.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company’s stock valued at $119,000 after purchasing an additional 2,308 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of Wave Life Sciences during the fourth quarter worth approximately $40,000. Kraematon Investment Advisors Inc. lifted its holdings in shares of Wave Life Sciences by 24.3% during the fourth quarter. Kraematon Investment Advisors Inc. now owns 19,885 shares of the company’s stock worth $246,000 after purchasing an additional 3,885 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in Wave Life Sciences by 36.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 15,579 shares of the company’s stock valued at $193,000 after buying an additional 4,120 shares during the last quarter. Hedge funds and other institutional investors 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.