Wave Life Sciences (NASDAQ:WVE) Trading Down 3.6% - Here's What Happened

Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) shares were down 3.6% during mid-day trading on Tuesday . The company traded as low as $11.59 and last traded at $11.43. Approximately 70,904 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 872,990 shares. The stock had previously closed at $11.86.

Analyst Ratings Changes

WVE has been the subject of a number of recent analyst reports. Mizuho upped their price target on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Thursday, November 21st. Raymond James raised shares of Wave Life Sciences from an "outperform" rating to a "strong-buy" rating and lifted their price target for the company from $13.00 to $22.00 in a research note on Wednesday, October 16th. Leerink Partners increased their price objective 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. StockNews.com lowered Wave Life Sciences from a "hold" rating to a "sell" rating in a research report on Wednesday, November 13th. Finally, HC Wainwright reissued a "buy" rating and set a $22.00 price target on shares of Wave Life Sciences in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Wave Life Sciences presently has an average rating of "Moderate Buy" and a consensus target price of $22.22.

Wave Life Sciences Trading Down 5.7 %

The company has a market cap of $1.70 billion, a PE ratio of -10.06 and a beta of -1.09. The firm's fifty day moving average is $12.79 and its 200 day moving average is $10.56.

Insider Activity

In other news, CEO Paul Bolno sold 51,234 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $14.32, for a total value of $733,670.88. Following the completion of the sale, the chief executive officer now owns 217,351 shares of the company's stock, valued at $3,112,466.32. This represents a 19.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 29.10% of the company's stock.

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. increased its stake in Wave Life Sciences by 23.4% during the third 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. KBC Group NV purchased a new stake in Wave Life Sciences during the 4th quarter worth approximately $67,000. Point72 DIFC Ltd acquired a new stake in Wave Life Sciences during the 3rd quarter worth approximately $98,000. Orion Portfolio Solutions LLC acquired a new position in shares of Wave Life Sciences in the third quarter worth $123,000. Finally, XTX Topco Ltd acquired a new position in shares of Wave Life Sciences in the third quarter worth $126,000. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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.